I m not 100% sure manning extra holding all came from loose holders... he and his wife had 3% before, chris took over phenix 6%, jame bought the market sale of remaining phenix, but he would have collected extra 4, 5mil from someone else, for a illiquid stock like REF, thats fair bit effort.....
But yes, if board and manning hand to hand, remainings are just onlookers
Ann: Change in substantial holding, page-12
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