I believe that most of the selling through Macquarie Insto was...

I believe that most of the selling through Macquarie Insto was L1 Capital as there was not enough selling through other brokers for it to be anyone else. However, the L1 Capital selling continued after Macquarie stopped, and it looks like they must have had holdings with Canaccord as well because the Canaccord selling matches the "ceasing to be a substantial holder" notice - in fact the volume on the 27/10 is identical (highlighted green). I suspect only a portion of the volume on the 28th was required to be reported as they slipped below the 5% threshold, and therefore none of the Canaccord selling on the 31/10 was required to be reported. There doesn't appear to be any further selling from L1 Capital since the 31/10 unless of course they are using a 3rd broker account.





A large portion of the selling since the 24/10 was from IBA. It was uncharacteristically high for IBA (they rarely get anything close to this volume) and I suspect it was a single actor (as I think this is a retail broker and the retail herd doesn't typically operate like this). However, it looks to me like they were trying to sell the news and buy back cheaper on the gap fill (maybe?), because it looks like they have started to buy it all back at a slight premium. Someone from IBA did the same thing late last year - i.e. accumulated $1.7m in Oct/Nov, sold $2.6m in December then bought back $2m in January, although in this case they made good profit.


UBS doing their usual scalp trading - they really couldn't care less about the news other than the fact that it provides more volatility and volume upon which they can trade (volume is key for them in such an illiquid stock):


I think that Morgan Stanley have increased their short position a little since the 24/10 with a tiny bit of short covering on the 1st and 2nd of November (highlighted in green):


Here is the corresponding short report:


Interesting that they still have chosen not to cover in earnest (so far).

ALL IMO DYOR