Totally accept your proposition that JC sales are not a significant driver and, as you've said multiple times, company missteps are probably the significant underlying factor.
I still consider that freely admitting a major shareholder is bailing out (but explaining why) is in line with the 'transparent' ethos the CEO seeks to trade on, and a useful means of building confidence, at least in retail investors. Even if there is limited upside prospect from this approach, there is no clear downside to telling that story I can see.
Ann: Race In-person Investor Briefing Invitation Perth, page-49
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