Looking at the top 20 there are only 12 shareholders with 500,000 shares or more. Of them, only 2 have reduced their holding over the past 12 months and we know this seller has been around for a while.
One is National Nominees, which could be anyone or even a combination of shareholders. They have sold 172,000 over the past 12 months which doesn't seem a huge amount.
The other is Norcad Investments which is controlled by Martin Dacron who was formerly head of Macquaire's institutional stockbroking arm. Norcad has sold 97,000 which also isn't a great amount.
So it's still not really obvious from that info. Most top 20 holders actually increased their holdings over the past 12 months which is a good sign
FID Price at posting:
$1.90 Sentiment: None Disclosure: Held
