Awesome work by Future World.I did some research into the...

Awesome work by Future World.

I did some research into the selling.

11,219,735 shares have been sold on market (maybe ASX only) since 2nd April this year.

I don’t know if this includes the other market, and off market transfers.

My speculation is the selling has come from Stu Crow, and whilst this is true, there must have been other large holders who are selling.

It takes about 950k shares to be in the Top 20. We don't have visibility into smaller holdings.

From the annual report in March

Stu had 6,171,570 shares

So that means about 4m more than Stu had have traded.

That's a lot given the low shares on issue and traditional volumes, as well as the positive news and clear progress the company is making.

It tells me either another big holder is leaving the books, or there is lots of churn / trading from smaller investors.

This is from the entitlement offer doc on 17th May, he had 3.78m shares, and 6.1m shares have been sold since this date (I entered the trade volumes into a spreadsheet).

Stu had 3.8m shares, and with about 6.1m shares, there are about 2.3m from somewhere else.

I did sell some share in order to buy more via the raise as an arbitrage, not many though, only about 200k.I think others may have did the same. Citicorp went from 7.75m to 6.33m

A side by side comparison from the two Top 20 lists that were released to market.

So the main sellers during this time have been

- Citi

- Salaris

- ⁠Warbont (unsure if they've liquidated their position or just reduced.

As per the announcement today Future World have added about 12m shares, a huge chunk of that was from the $1.5m they underwrote the raise with, and then the on market buying.

JMJW Super increased by almost 300k.

I've actually more than doubled my main holding since the raise.

Everyone else in the Top 20 are pretty much static.

Citi may have been aware of the raise and had been selling above $0.15c in order to buy more for less?

Maybe they continued with the selling?

It's all speculation until the next T20 is released at the end of this month with the next quarterly.