The Gandel selling, while important, is a distraction. Based on...

The Gandel selling, while important, is a distraction. Based on the notices, it's not him that's been relentlessly hammering the bid for weeks. This leaves a few options for who's selling:

1) Another entity related to Gandel (that may need to cover his margin) but not controlled by him or with such low ownership (legally speaking) that it doesn't qualify for director reporting; or
2) Chapelgreen - I don't know who's behind this company but they occupy positions 4-6 on the T20 with around 53M shares.

Below is the T20 from end Nov 2022 and one from April 2021.

You'll notice Gandel has been positioning himself into his personal account (CGT benefits?) and Chapelgreen have split their holding into several company accounts (Lilycreek, Magnabay and Auburnvalley - all golf courses oddly). Not that weird tbh as it's likely just tax positioning.

Chapel appear to have increased but its murky as there may be other accounts in the 2021 statement that aren't obviously theirs. Gandel has shed quite a few.

I'll need to check again in a few weeks to perhaps get a sense of which large holder has been selling. Some may think I'm latching onto an unimportant data point but if we know 'who', we may work out 'why'.