Hi @boughtearly I sincerely hope that Eric answers your...

Hi @boughtearly
I sincerely hope that Eric answers your question, I would be interested on his take as well.

For what its worth, my thoughts to your question are as follows.
Both Merryl Lynch and Instinet are accumulating, they are accumulating by selling a little strategically and then buying up the fallout from their activity.
They have been doing this for a long time.
The net effect is a gain in shareholding.
They are both very careful to not push the share price up as this could very easily be achieved, considering the size of ARL registry and the sticky retail share holders present.
To keep the share price as low as possible they are buying small parcels regularly, when appropriate.
It seems to be working for them.

Additionally as a footnote below is my observation
(This observation below is correct to the best of my knowledge) please comment.
I think you can add Citicorp Nominees to this abovementioned group as well.

Share holding at the moment.
Merryl Lynch Nominees 5 600 000 shares 8.36%
Instinet 4 182 000 shares 6.24%
Citicorp Nominees 3 400 000 shares 5.07%
Total 20% +- I would love to know whom they accumulate for ?

Instinet seem to be accumulating under their name.
Merryl Lynch Nominees seem to be accumulating under Merryl Lynch Equities.
Citicorp Nominees seem to be accumulating under Citigroup Global

I am only trying to better understand the company I have invested in.
Please DYOR and share your findings.
RED