The issue I have with classifying LBT corp as an insto is in the transformation exercise there was no details on what $$$ they had actually provided to AK for a share of his business. Most people presumed he owned close to 100% when in fact it turned out LBT owned majority of his business.
I always stated without knowing what they lent it's near impossible to understand at what point they have to exit to break even. Their holding didn't seem to be remotely institutional though more like a friend/investor who'd partnered with AK to establish the business.
Pretty sure Bas or someone else ran an equifax/ASIC check on the company and it only had 1-2 directors linked. They also don't seem to have affiliations in terms of investing in many other ASX listed stocks which more suggests just an investment vehicle of a rich individual(s) than an institutional investor.
The thing that I find interesting is we have no business updates yet it appears that potentially AK and the largest shareholders have exited the building based on the dump yesterday afternoon. If that is the case why?
