I reckon they will be holding the majority for the ASX300 listing as it is going to be significantly bigger in volume than the MSCI listing simply because of the larger number of funds that track the ASX300 compared with the MSCI small caps. The funds have to buy at the price of the day and if I was regal then I pleased to see the price move to the high 20s low 30s over the next month in advance of this. This is exactly what played out for the MSCI listing. You would expect that post the index buy in we will again see the SP retreat.
They will still keep a large holding as this is a money tree for them for a long while to come.
Broker Data, page-716
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