Obviously, if you do not trust the CFO and MD, you have made the strategic decision to sell your RCR shares, which is fine.
The next step then is the tactical decision, when exactly it is the best time to sell.
It looks to me like you sold late on the 26th or early on the 27th because you expected a glut of shares coming onto the market from Macquarie. If that is your view, then you have made the right tactical decision.
All I am trying to say - without wanting to change your decision in any way - is that there is a good chance that the selling pressure that you anticipated due to the retail entitlement offer overhang, might not actually eventuate for the reasons that you articulated.
Instead, there is some chance that we have already seen most of the post-offer selling occur well before the offer shares have been allocated.
We will know soon enough. If volumes pick up over the next week or so and the price drifts down, there is a good chance that you were right and Macquarie is clearing its overhang.
If on the other hand, volumes remain at low levels (actually Friday saw below a million shares traded for the first time since the offer was announced) and the share price gradually lifts, then that is a sign that the market has already worked through the post-offer overhang.
Again, if operational dislocation persists, all bets are off.
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