Ann: Quarterly Appendix 4C Cash Flow Report, page-27

I wonder if this is why Capital H has been reducing their position?

As the Faria partnership is just starting up, it did not make sense to me why Capital H seemed keen to offload shares at the current prices.

Normally institutions would drip feed in and out of micro caps over weeks/months, as they are not very liquid. But the selling of SCL by Capital H's seemed brutal and urgent.

Previously it seemed that Capital H was SCL's number 1 fan, so for them to reduce their holding is concerning.