Not totally correct. It is Perennial Value that owns the shares...

Not totally correct. It is Perennial Value that owns the shares which is part owned by IOOF but is largely an independent funds management business (not super or financial advice) running a number of funds including small and micro cap strategies.

Perennial Value was not part of the issues IOOF have and are facing from the Royal Commission. From what I hear, the small cap funds at Perennial Value have been in inflow and have solidly performing funds.

My view is that Perennial Value being a relative value manager reduced its holdings as simply like some others have put, it has found better value elsewhere for the time being. Unless we see another notice, they remain a large shareholder.