if a major holder with >5% was reducing, they would have to disclose too
with the multiple capital raises over the last 12 mths, it would be difficult to guess who is selling (and there were only a handful of holders with interest >5% last year)
mgmt certainly haven't topped up (if anything, we should be glad they aren't selling at a discount to Regal), so anyone else stepping up is welcome given the price action
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