Ann: Secures $20m in Blue Chip Contracts , page-18

HSBWRX

Macquarie Small Companies fund held 19,458,232 units of NMS stock as at the last disclosure date - end April(available at NMS website).

This is approximately $11M of stock at today's market price of $0.57.

Given the total FUM managed in the Smaller Companies portfolio is circa $142M, NMS would represent 7.7% of the total FUM.

When the objective of the fund is to diversify across 50-100 stocks, it is reasonable to conclude that some of the selling has been effectively 'mandated' as NMS grew as a portion of the total portfolio FUM through recent outperformance.

That is my take on things anyway. Would be surprised if they had a complete exit strategy from NMS.