Ann: REFFIND Business Activity Update, page-122

Another question we should be asking is, who is doing the selling and if this is coordinated - where are the shares coming from?

Taking a look at the last top 20 in the 2016AR at that time there is not one individual who could be responsible. Apart from the founders/directors holdings which are still escrowed + other insiders there's only a few trustee holdings who might be candidates? Right?

My overall impression is that the top 20 is fairly tight (judging from IPO, 2015AR and 2016AR) + around half are still escrowed.

Between them, ex-directors Geoff Morgan and Peter Clare hold around 2m shares that could be traded now (some are escrowed). But they stated at the time of their resignation that 'We wish the REFFIND team and Board all the best and remain committed shareholders'.

One other thought is perhaps the trading is someone buying/selling their own holdings x number of times? Giving the mk the impression something is up? Unlikely right? This would be something the regulator (ASX/ASIC) would be on to? Is there a tip-off line that might be worth contacting to have someone investigate. I think might follow up with the company secretary/independent chairman in the first instance.

Perhaps the developments at 1PG do have some bearing here? Perhaps not.

From experience, one thing I do know is when there is a volume spike like this for a small company, then generally it signals a sp re-rating. I assume we won't have to wait long to get to the bottom of this, so all good.

Up 32% for the week. That's a good start.