'This important SH who IIRC successfully engineered a bloodless,...

'This important SH who IIRC successfully engineered a bloodless, positive Board coup is selling down again'

Never a good sign when a major shareholder sells down. I am a relative newcomer and do not have your knowledge and understanding of this shareholders history, but was unable to find any other recent announcements of Mizikovski Group selling down.

You may be right with your speculation on the reasons behind this. Management were very guarded with their commentary and outlook statement, now expecting full year underlying EBITDA coming in at the bottom end of guidance. It is worthwhile revisiting this commentary. This extract from Directors Report:

"Inflationary pressures and a competitive labour market continue to exert financial and performance headwinds, particularly in the logistics division. Strong rail volumes and an increase in top line revenue helped mitigate some pressures, however, input cost pressure is expected to persist. All operating divisions remain focused on controlling and reducing costs going forward".

With difficult operating conditions prevailing for longer, Management may be challenged in achieving revised guidance.