Bergen, page-126

Certainly, lower the SP at time of conversion, more the profit for Bergen. Also, higher the SP at time of selling their shares, higher the profit too, so two factors into play here.
For achieving lower SP, they need to either:
1) Short the shares OR
2) Sell shares that they already held

...so for point 1), as regards shorting of AUZ, Shortman data indicates very insignificant amount to shares shorted. Take a look:
https://www.shortman.com.au/stock?q=auz
..as regards point 2)..Bergen need to have bought a significantly high number of
shares and sold them to manipulate. In reality, this is an illegal activity which no fund's governance would contemplate to do and expose themselves to severe legal ramifications. (and this would have been visible to AUZ management as well).

So..it is clear that no manipulation by Bergen has happened.

What has happened in reality that since such a high % of shares are held by retail, SP can be very highly volatile, and is subject to knee jerk reactions of retail holders (several who don't hold with long term intentions, and do not necessarily have enough understanding and knowledge of business conditions). Until and unless the % of shares held slowly changes from Retail to Instos, this volatility will remain.
I think the key really is the BFS, and more importantly, SK taking up their stake.