Very sorry to see the losses on this one. FWIW I...

Very sorry to see the losses on this one. FWIW I suspect
yesterday’s volume was largely Regal, who at last notice had 346.1M shares or 12.1% of the register. We will know for sure in a few days if a change in substantial comes out.

Otherwise, the most recent substantial holder list is from the 2023 annual report, register as at 4 October (see below). Bear in mind at this stage there were 2.217b shares on issue and since then they’ve added another 632M shares so there’s now 2.849b shares out there. As a result some of these holdings may have been diluted below 5% so they can sell without disclosure.

Most of them have participated in multiple raises so will be massively underwater, likely they were holding out hope of a turnaround rather than realising a massive loss… but the quarterly seems to show they’re ngmi with all the debt now due again. If they default on the debt, equity holders will be bottom of the pile hence the equity is being de-rated.