I've seen something similar with newly listed companies about 12...

I've seen something similar with newly listed companies about 12 months from listing.

Staff that were "given shares" upon listing, sometimes on a 1 year escrow, are only able to sell those shares when the market is "fully informed" in limited trading windows adhering to internal company share trading policies.

They usually sell these shares a year on because they have incurred a tax bill (in this case the tax bill is for FY19 due Apr/May 2020) by being given the shares, and they need to sell some now in Feb (full year results have been released, so we are in an eligible employee trading window) to pay the tax bill due in Apr/May.

I reckon that's what the selling pressure is about, employees needing to sell part of their holdings to pay the tax if they don't have surplus funds on standby to pay for it.