The history doesn't indicate that Beardy. For example Merril Lynch bought 15.8m in June-2017, and the SoA was voted down 29 June 2017. They bought ~3m more in July and kept buy and then participated in the CR to hit their peak of 44.8m in Sep-2017. They started selling thereafter each month and were finally out of the Top 20 reporting in Dec-2017.
What's also interesting is the big potential Options coming up for Macquarie... they have 30m coming up in about a month (01-Sep-2019) at a strike price of 20c, and then another 22.5m coming up at 14c at the end of the year.
If they exercised all of them (unlikely at current SP trend) they would have a total of 66.7m by year end, making them the largest shareholder at 8.7% (vs 6.2% if current largest shareholder doesn't continue buying).
But with Macquarie soon to be dropped as our largest financier, and rumoured to be wanting out of their half of Mereenie, don't expect anything exciting out of them in the near term.
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