Ann: Investor Presentation, page-72

It’s possible the $4m sell is J&J Bandy Nominees, the superannuation investment vehicle of Greg Bandy (MD of Red Emperor Resources)

J&J bought 4m at 2c in the CBS raise and further 2m at 2.3c during BCB raise. The sale would therefore not be at a loss.

Another possibility is John Formica (no.1. shareholder of CBS with 5.5m shares), or Lantech Developments (no. 2 CBS shareholder of CBS with 5m shares, increased to 9.3m via the BCB raise), both still in the BCB register as of the most recent T20. Lantech is connected in some way to Daryl Henthorn, a director of Mintails (ASX:MLI)

There’s a lot of residual ownership in BCB that may not have particular interest in coking coal and wants out. Many bought in at 2c and may be prepared to sell at that price, hence the emergence of technical resistance.