Absolute headscratcher.On one hand, it is a masssssssssive F-you...

Absolute headscratcher.

On one hand, it is a masssssssssive F-you to the board and the company as the current 4m share firesale is going to crush the share price.

However at same time, why? This is business, not high school where you get points for looking cool. Sure it's sexy to publicly announce displeasure by torching a $1m+ bag of money, but it's hardly rational. Particularly when this method and its panicked signalling almost assures that any buyer will be scared off from buying your shares.

With the iron ore price being slammed and China property wobbles, it equally could be a bearish view of the AUD from a US fund's perspective. Or it could be something under the hood of the fund itself requiring irrational liquidation.

It's not great (understatement of the year), and it sure would be better if management did something to address this issue being caused by a substantial holder. But at the same time, it's such an odd way of doing business that I can't automatically accept it's purely a statement of RCL's prospects.