Ann: Quarterly Activities/Appendix 4C Cash Flow Report, page-4

Large block sales like yesterday and Friday with no new sub notice is existing entities shuffling between their own holdings.

All the large sales occurred at 21c.

Then you get the tier 2 holders getting a sniff so they look to follow but can only drop orders into the queue.

The March quarter was strong, despite higher outgoings and there’s $20M in cash.

You don’t get this type of behaviour without a reason, so there’s likely to be something announced in the next few weeks - acquisition, some expenditure to deliver growth, CR with justification.