The IOOF announcement that they are now under 5% Substantial...

The IOOF announcement that they are now under 5% Substantial indicates they sold 2.5m shares of their 14.7m between 17/6/14 and 3/7/14.

Since the announcement of the proposal by FIWA, IOOF and Acorn have sold to under 5% and CBA and Celeste before the announcement. That leaves Alceon with 19% on 14/514 and no updates.

With so much selling the share price has held up remarkably well and obviously the ex substantial holders haven't been rushing the exit and the buyer/buyers are paying a "fair" non offer price.

I am surprised that withy all these shares trading no new Substantial holder has emerged so may be the "brave".