JP Morgan were not a significant holder until the August 2016...

JP Morgan were not a significant holder until the August 2016 capital raising.

As at March 2016 they held 7 million shares, however that increased almost tenfold to 66.7 million shares by December 2016 so the capital raising was the only means to enable such an increase. In fact, there were quite a lot of large volume sales starting from September so JP Morgan may have had more than 66 million shares after the capital raising.

So for me I am not as concerned fasor their reasoning as they have only been a very short term significant holder. Also the highly regarded investment house Washington H Soul Pattison picked up 15 million JP Morgan shares to increase their holding to 28 million shares, demonstrating their faith in GPR. And the top 2 investors, accounting for 61% of shares, have maintained holdings since the last capital raising.

As to why JP Morgan would sell their GPR holding with excellent prospects for the company in 2017 and assuming no evidence for them to shy away from investing in GPR, the only plausible reason I can think of is that they became overweight in gold/miners.