Given another million shares were sold a day after the cliffs announcement it would indicate that cliffs has not stop selling at 5% and will probably keep selling until they are completely out of GWR.
Cliffs only hold 12 million shares now - so my guess is that they will take a couple of months to sell the remaining shares before the end of the financial year.
So good buying now until July - and after then hopefully the price will appreciate - everything else held constant!
Ann: Change in substantial holding , page-3
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