Or he misread the ann and thought May was 2014 instead of 2012....

Or he misread the ann and thought May was 2014 instead of 2012. That's certainly how it reads..."Their holding gone has from 55m to 123m in only a few trading days from late May to early June"

Regarding your .... "They participated in the most recent Capital Raising, and have continued to average down on the market"

How do you know they have "continued to average down"?

The latest 604 shows they participated in the recent placement (6 June 2014) but does not show any transactions(buying/selling) beyond that date.