It doesn't explain today necessarily.The notice shows their last...

It doesn't explain today necessarily.

The notice shows their last sell (according to this notice) was on the 4th September (Monday).

Also, keep in mind they were previously only a fraction over the 5% threshold (5.16% ownership), so even only a very small amount of selling puts them below the 5%.

The notice shows Regal has been buying as well as selling since they became a substantial holder in June (however on a net basis they've obviously sold more than they've bought and this is brought them just slightly under 5%).

I haven't done the exact sums and the notice doesn't say what their new ownership percentage is, but it looks to be somewhere around high 4's.

So this announcement isn't particularly significant - just shows they've trimmed their ownership very very slightly.