Not just that Hedg, they are losing their voting power with each share sold. Soon Cliff will have more room to do what he wants to do without begging and paying them out in shares.
I wouldn't be surprised if Bain is now around 3% and Leg Mason 7%. Don't forget under 5% they no longer have to announce to the market whenever they sell their shares.
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Ann: Change in substantial holding (Bain), page-35
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