Ann: Change of Director's Interest Notice - Mr Andrew Grant, page-42

Current selling scenario fits 3 reasons:

1. Pure selling out while trying not to push it down to 0.1c

2. Best way to move stock out of retail to instos is on the way down

3. Someone accumulating to get a 25-30% holding to declare a t/o

Anyone's guess but the involvement of a broker, due to the number that got sold, suspects larger fund's clients. And any downgrade always drives some to pull the trigger.

Nothing unusual if aggressive selling coincidences with the company actually painting a better picture. Often happens when the company gets closer to CF+, for probably psychological reasons many bail being afraid it won't happen. And often, broker valuations / recommendations are way behind the actual state of business, like the Reserve Bank assessing the Australian " Still HOT economy ".

But, all shares sold got bought. Again, fits reasons 2 and 3 if the sp gets manipulated downwards.

GLTA