Let's not forget the underwriter hold/held a large chunk of shares. You couldn't blame the Veritas Securities for offloading some too, plenty of blokes happy with a return like that in a couple of months.
Veritas held 10,300,000 shares after shareholder subscriptions on the capital raising around 5th December. They're not going to liquidate their position immediately and ruin the SP to their own detriment, so a longer term trickle into the market at volumes relative to interest is likely (unless they are punters like us and plan to hold for paydirt!).
Looking from mid/late March, we've seen renewed interest with the upcoming drilling, traded volumes are 2-3x that from the 6 months prior to late march, they could have moved a lot of shares over the last few weeks without pushing the SP down much, rather limiting the short term uptrend on renewed speculative interest.
Major shareholder information hasn't been updated since Sept 16.. Anyone know where you can get this, or the only reference point is the company website? Be interesting to see what they still hold.
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