Macquarie is not going to want to take a loss. That doesn't make sense. Why would they take on such a risk to turn around and make a loss in such a short time frame? They are going to want to sell close to 40c or above, either on or off market to profit.
Share prices usually go up after retail offers close. I am assuming that is when they will pounce and sell out. Around 39c is going to be their starting point for profit taking.
Ann: Change in Substantial Shareholding from AEF, page-15
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