Ann: Change in substantial holding, page-20

Yes but despite the typical "accumulation/capping" narrative one often sees on HotCopper, Collins Street cannot influence the price up when they step away from being the active buyer. I noticed throughout April that the stock was extremely well supported at 18.5c - a constant wall of buyers - and the notice now explains who exactly it was. But it will come to a point that Collins St don't want to commit any further % of their fund to this one play. Once their buying ceases they can do nothing to support the price except release 'updates' like that of today that don't really say much but keep people feeling excited/hopeful about the stock.

It's a shame they haven't provided an annex showing how often they were buying, but if you take 17.9M shares at say an average price of 19c, they've spent ~$3.4M over the period of 4/4/24 to 30/4/24. There's 18 trading days in that period, so they've been buying (on average) 995k shares per day. MarketIndex says the average daily volume over the past four weeks is 2.1M, so in other words, over the past month Collins St have generally accounted for ~45% of the daily buying volume - that's pretty significant.

What is more interesting to me is who has been selling into Collins St. I think this is a really interesting value play but as I've said before, I suspect it falls lower as we head towards June 30 - unless some material news occurs.