Ann: Ceasing to be a substantial holder from WAM, WMI, WAX, page-3

WAM held a lot of shares, and held throughout the period where SLA dropped quite a bit. Looks as though they started to offload on 2 June once the share price was declining off the back of news that WES wouldn't place a higher bid at this stage - before that, the SP had been exceeding even the EC Healthcare bid.

Could be hedging their bets in case it doesn't go through, and taking profit while they can if that eventuates?

Also, we don't know how much they've sold. They're no longer a substantial holder - 5% or more of issued shares - though may have still held some - we don't know. They could be hedging their bets with about half sold, in the hopes the other half will profit, or not. There's also lost opportunity costs waiting for an extra pip when it can be deployed elsewhere.

On the other hand, it looks as though an existing substantial holder has upped their stake in SLA in the meantime - though not so much as to take all of the WAM sold shares.

In short, no idea, but probably a cost benefit analysis and not necessarily a conviction that the bid/s won't go through.