"pretty gobsmacked at the market's reaction, feels like a large holder is spitting in management's face and have no faith this deal will go through. if you weren't ejecting stock pre trading halt and are now - what's changed?
either this holder is stale and was looking for any liquidity to eject or someone knows more than is written in the announcement"
I don't know for sure, but I expect this might go some way to informing what's happening... not just in relation to SEQ, but across the entire micro-cap space, which has been heavily on the nose over the past 12 months and which I know is experiencing redemptions from wholesale funds as they are compelled to dial-down their asset class risk:
(At last report - Nov 2022 - Acorn owned 10.4m shares in SEQ... that's 7.7% of the company)
As can be seen, Acorn have obviously not been performing well in microcaps for some time, so I would not be surprised if they have been selling stocks (including SEQ) to fund redemptions.
Today in SEQ would certainly have been a nice liquidity event for a microcap fund to use to raise cash for redemptions it might have pending.
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