They won't admit it to us, but as ARU (like all others) matures to production it deliberately seeks to alter its shareholder composition to be less retail and more corporate. This lets the board push resolutions through more easily (no protest votes from instos on things like director renumeration, performance-rights creation.), they get invited to more fancy parties and it also lowers volatility in the share price. The retail holder has more overreactions to news than the institution. Eg. In times of fear the LT retail holder is more likely to run and materialise losses than the insto, and the insto doesn't buy in during a crazy price spike just because it looks to be going 'to the moon'.
This desired change in the shareholder composition is effected by running CRs exactly like how they just did.
IMO
Ann: Arafura Share Purchase Plan Results, page-29
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