The last CR was to "Sophisticated and Professional"...

The last CR was to "Sophisticated and Professional" investors.

The definition of a sophisticated investor in Australia is:

To be considered a sophisticated investor your accountant needs to certify that you:
Have earned an income of $250,000 or more per annum for the last two years or
Hold net assets of at least $2.5 million.

Sophisticated Investor Certificates (708 Certificates) are valid for two years and you need to make your initial investment within six months of obtaining your certificate.

One wouldn't imagine these guys are dummies or selling at a loss! (Unless perhaps they are third generationers - the first to make a fortune, the second to build it and the third to lose it).

But, for those who may like NXM's prospects, and who hold a substantial amount of shares, there is plenty of opportunity for them to put pressure on the sell side and reload at lower prices at the expense of retail investors ... who may be bewildered as to why the SP is tanking after such positive news.

... of course this would never happen on the ASX with so many rules and regulation and with ASIC watching so closely!

Perhaps someone with broker data access may be able to see which broker is selling but, that doesn't necessarily tell us the individual holders that may be selling. Unless they hold >5% they are not required to make 604 announcements (change in substantial holding announcements). Looking at the last Top 20 announcement from yesterday ... no one single holder owns more than 5% of NXM shares so no announcement will ever come (if you have the time to wait for the next AR or Top 20 Holder ann it may reveal something) ... and we retailers will never know who is selling (or buying) until the 5% threshold is passed.

For those who have more time than me, you could possibly compare the recently released Top 20 holders (As of December 7th) on the NXM website with those top 20 holders from the last Annual Report ... a matter of a few months at most.
Here:
NXM Top 20.pdf
and
Here:
NXM AR.pdf

So, what do we retailers do before giving up hope?
1. Ask ourselves why we invested and have our expectations been met?
2. Has the company achieved their set targets and timeframes?
3. What was our stop loss set at before we made our investment?
4. Are we prepared to back our research and ignore short term volatility for longer term gains.

Trade by all means to increase your holdings if you've got the understanding to do that but, don't let second generationers 'steal your shares'.

Just my 5c worth.
GLTH,
Perdy

Addendum:
Don't forget we are due a "decision to mine or not" and DFS ... one would imagine these will come soon.