They bought a lot a very long time ago and had a huge amount of...

They bought a lot a very long time ago and had a huge amount of profits to work through, and IIRC possibly a fair chunk of losses in other investments, so needed to sell down to chew through those profits / reduce exposure / offset against other losses, forcing their hand and making them a bit price insensitive (and it's all far in the money anyway).

In terms of why they decided to go all the way to owning <5% of the register (presumably selling out entirely) I don't know specifics, I'd assume their strategy simply doesn't involve buy & hold for indefinite timeframes.

As an aside, there was probably a time when price-insensitive OP dumping was a meaningful drag on the price (hard to say for sure how much APAC / OP buying / selling was just matched up on market), but I don't think that's been the case for a long while, anyway. We've had plenty of volume throughout 2024, and not that much of an OP position left to work through. Fingers crossed they will still own a few % for a while and will continue to be a price insensitive seller into the buyback if our share price ever drops low enough for it to actually switch on.