If I factor in the timing of the block trade sales and the 5x...

If I factor in the timing of the block trade sales and the 5x SPP oversubscription, it would be appeared that...

1) Smegdiv was not decided to sell their shares prior to the SPP result, otherwise they could have sold it way before the placement at a higher price, OR they could even offload it straight after the oversubscription on $25m placements to institution which can save brokerage fee to GS

2) So why they ended up selling it on the day that SPP closed? Provided a nice arbitrage for the price traded in the last two weeks, it is very likely that the bunch of SPP applications have been submitted way before the SPP closing day. Meaning that they may have the 95% SPP numbers already in last weekends and had a length discussion on whether the oversubscription should be scaled back or for further dilution. One must in favour to take on all subscription whereas the other one might go against any further dilution

3) As I mentioned it in other thread before so like what Zoulou stated, Smegdiv barely participated any TLG past placement in the last few years which indicated they may have reached their maximum portfolio allocation since few years back. So thinking logically I would say Smegdiv is the one to against taking on any extra SPP whereas TLG might prefer to take on at least $30m.

Smegdiv then packed away and called GS.

Thoughts?

If this is some way true, a non-supported shareholder's leaving would be the best for TLG and starting a new journey from here