Ann: Trading Update, page-41

There are 3 big insto holders: Milford, Microcap Equities, and MA Financial (old Moelis group). MA Financial lodged a SSH a few days ago so its them that has been selling down (and are likely the ones also still selling down). But for every big seller there is a buyer and vice versa. No other SSH's lodged with the exchange. That implies Milford and Microcap are either tardy in filing their SSH's (possible but unlikely) or there is a new kid on the block. MGMT and the Board have large holdings but would be in a black out period leading up to the 1H FY23 results. Implies someone new looking to come onto the register. Very, very healthy levels of institutional trading for a microcap. and that has spurred retail interest as well.