Ann: IQE - Annual Meeting and FY2015 Update, page-8

For what it's worth, it appears the following groups may be selling:
- Platypus Asset Management (Ceased to be a Subst holder at end of Feb)
- SAS Corporation, AKA NSW State Super (Ceased to be a Subst holder on 05/03)
- AMP Capital (Ceased to be a Subst Holder on 13/03)

Reminds me a little of TGA a few years back. Was trading at about 7 * earnings and PPT were still selling for $1.50... Take a look where it is now (and add the dividends along the way!)