Ann: 2024 Half Year Results - Investor Presentation, page-60

Well, it was $24 million in shares that was on the market at close. It's still a lot, but it's definitely not an institution wanting out. There's no way an institution would bother dropping a hundred or so orders of random values to take a punt on the closing auction. They'd do an off-market trade. The on-market trades would just be the normal miscellaneous assortment of funds, traders, SMSFs, and individuals. The volumes would be larger because it's the end of the quarter and there's a financial incentive for traders to close out profitable positions, report the profits, and claim their bonuses.

The $10 million of shares in the L3 and SX cross-trades would be large institutions, possibly doing exactly what you described. Other possible explanations would include:

• loans to short traders
• short traders returning borrowed shares
• moving shares between accounts
• moving shares between companies
• creating derivatives (e.g. warrants)
• some other purpose