This explains beautifully what is happening this morning.
Gang Xu had an account with Morgans where he had a number of other investors as subholders of the 19.5 million shares. This change in substantial holding is Gang Xu and Morgans changing ownership so the other investors are direct holders now.
Other investors, now free to sell there shares, seem to be selling some of their holdings into the 45c floor which was the price of the recent corporate raising.
This is 8-9% of the company so it will be interesting to see what these investors do with their shares. Maybe they are distributing them on market to other happy holders?
Ann: Appendix 3B, page-2
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