my point is that they probably owned the entire fund at the very...

my point is that they probably owned the entire fund at the very beginning. Otherwise, what took them 5 freaking years to recognise this current error of wrongly attributing the shares to them when the rest of the market is complaining on the illiquid nature of this share?

So, if they owned the entire fund, they could have just sold down gradually over the years of their ownership of the fund, resulting in other shareholders owning more of their fund (DSOF 1 and 2) and owning a portion of Catapult instead of the directors owning it. When did this happen though? That is the question that I would demand an answer from the directors..