Institutional, sophisticated and others can put in hidden...

Institutional, sophisticated and others can put in hidden orders. In fact anyone can if you go through the right process. This could be Niko still, it could be someone else entirely.

I believe there would be a blackout period for directors leading up to the half yearly, so that would apply to Niko and co at least 2 weeks out from 30 June - if it was in fact him or any other director.

Interestingly there has been no substantial holder notices, so that rules out Regal as the culprit seller here. That leaves Costa or Plan B imo - purely speculative. AGM indicated they had exited their position, whoever it was.