Hi Progues et al., The numbers are pretty easy to get to. We...

Hi Progues et al.,

The numbers are pretty easy to get to. We first start with BoA's substantial shareholder notice back on 21 Nov 2015. They tell us they had 70.7m. Then on 1 Nov 2016 they tell us they have been actively selling and give us all the details of each sale leaving them with 55m. Now here's where I'm guessing, but I have a pretty good sense of the brokers they have been selling through (I have an IRESS platflorm) and estimate they have been about 55-60% of all volume since then leaving a current balance of about 30-34m to go.

My primary assumption is that this insto wants to liquidated the whole position....the heavy level of selling detailed in the 1 Nov announcement is very characteristic of 'get-out' liquidation rather than a 'strategic sell-down'. I'm just assuming they have been carrying on with it. In fact, its rather obvious.

So any buyer of size knows these guys will sell into their bids and dont have to chase the stock up...regardless of announcements.

The market is currently 'Seller-dominant' who will flood any announcement with stock until they are done. Its not about fundamentals for these guys; once a decision is made to liquidate, they just carry it out. But I must say they (or any broker) should have arranged for some large block buys (say 10m lots) to take them out rather than have them overhang the market by dribbling them out over 3-5 months.

I caught a few more at 2.1.

Cheers,