I have added the monthly closing price and an assumed static holding of 14,827,391 of shares. Using this static holding I have calculated the proportion of Precision's net assets held in VXR and compared with what Precision reported in their monthly reports. The variation is a consistent 0.4 percentage points to 0.6 percentage points, which reinforces that Precision has been a static holder. (the variation is probably reflected in the inaccuracy of this assessment). However, September 2018 is a substantial variation. The reason (whether an error or not) is not providing any useful information for us today.
This analysis does, however, suggest Precision has remained a supporter of VXR and has not been reducing its holding. But, as Irothschild stated, they should have lodged a substantial shareholder notice if they had.
For those that have too much time on their had: have a look at this VXR - Precision holdings.pdf
Ann: Sulphur Springs Debt Finance and Offtake Agreement, page-81
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