Ann: Ceasing to be a substantial holder, page-26

I think you're onto it. The notice shows 24.5 million shares sold @ 8.65c (to April 20) and the bulk of the selling began 1 week after the 8c share placement.

Would make sense if they've used the CGT discount on their $1.5mil profit, shortly before tax time, and then reloaded for another long-term hold. He is an accountant after all.

Edit: And if doing so has the dual-effect of making the SPP to retail shareholders fail, allowing them to pick up more @ 8c, then all the better.