My guess is that Sumich and/or some of his buddies shorted the share down from its top and have to cover shares through the friends&family placement. This would at least explain the constant stream of selling without changes in the Top20. The proceeds would allow Sumich to fund the conversion of his options. Just a guess of course but as long as nobody is explaining the meaning of the placement and the ECE take-over it is allowed to speculate.
capital raising, page-23
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