Ann: Notice of Annual General Meeting/Proxy Form, page-20

yeah that period coinciding with the Cap Raise and through until now I have dubbed the "Greed is Good" phase, because:

• it started with the double dipping elegibility to the free attaching options Sophisticated Raise and then almost immediately following the SPP
• the data shows that a number of the Top 20 AAU holders have been loading right up with options AAUOC
• one of the former Top 20s (and tardy 5% susbtantial holder reporter) has dropped out the Top20 AAU but cumulatively holds almost 40m AAUOC
• one very long standing holder sits atop the AAUOC holdings edging towards a holding of 50m options
• other T20 AAU holders have been increasing ther AAU holdings too, on market it seems more recenty in the absence of any further CRs
• the increased 'popularity' of the Custodial holdings in the BNP Parabis <IB AUS Noms> and the likes cumulative holdings listed on the T20s

so I am seeing all of that as a big "getting set" effort building and hence the phase of Greed is Good (bullish)

I wouldn't be surprise if that selling you've noticed via Bell Potter is a sell AAU and load up AAUOC trade that's been going on