They only have to declare if their holding is greater than 5%...

They only have to declare if their holding is greater than 5% and that changes by more than 1%.

Meaning there's two possiblities, the person who sold off was less than 1% of their total shares. From memory there is no one that can sell that much off and for it not to be announced.

Or, they haven't disclosed substantial holder notifications (which is on the substantial holder, not alc). I asked investor relations and they said exactly that, they have no obligiation, just that person. Chaddy, if it's Ray who hasn't announced it, he is way over required time frames, so big big trouble indeed.