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.
NMS Price at posting:
23.1¢ Sentiment: LT Buy Disclosure: Held