The seller at 0.82 will be PM Capital Asian Fund. The LIC (code...

The seller at 0.82 will be PM Capital Asian Fund. The LIC (code PAF:ASX) has an investment mandate that they cannot hold more than 10% of the FUM in one stock. The report released by PAF on 10/11/15 shows the holding to be at 10.5% as at 31/10/15. If you look at the DNA price at 31/10/15 the stock price is 82c. Thus broadly speaking ignoring other movements in their portfolio, PAF have to start selling at 0.82 so as to not exceed the 10%. So that order will never go away. It will take likely take good news to re-rate the stock price and break above 0.82 and have other fundies mop up the stock PAF have to sell down (probably next good news being capital management - be it commencement of a dividend or a buy back) . That being said, you should also expect other standing sell orders at set levels of probably 1m each time from PAF as DNA price increases (say 0.95,1.10, 1.30 etc) to continue to maintain the 10% max investment in DNA. PAF has a market cap of about 50m and DNA is 10 of the fund so say 5m...so you can pretty much do the math and very roughly figure how much DNA they are going to have to sell at each price increment.