batavia selling

Ok, I was just doing some research and thought i'd look at Batavia.

As you know, they are a major shareholder in WME. On 11 Sept 2009, they announced that they held 30m shares.

In their September quarterly, Batavia announced that as at 30 Sept 2009, they held 27.5m.

So, if you were wondering where the selling has been coming from, I have found at least part of the source.

I called Batavia and spoke to a director today. He confirmed that:
- the 27.5m holding is correct
- the sale was on-market

He could not comment on whether further sales have since taken place or were planned. I note that BTV have undertaken a share buy back, so might have something to do with it. But seems odd considering they have $12m in the bank.

Still digesting what it means.