well maybe this could explain it?i note that Macquarie is a...

well maybe this could explain it?

i note that Macquarie is a substantial share holder, so if you are a substantial shareholder in a stock how do you ensure you dont lose any money on the position while still retaining the large holding? also how do you do this on an iliquide stock like NMS?

here is my theory.

if you are Macquarie and you want to hedge the position you simiply borrow some stock and short it. so you have an effective hedge and because you have borrowed the stock you dont have to lodge a change in substantial shareholding. now that shorting is band they might not be able to hedge anymore, not how the volumes this week have been lower than usual?

Thorney Investments is Richard Pratt's holding company, as of July they had 7,187,500 shares. Can anyone confirm if the postions they held previously? Maybe someone can get the old holdings for each month from management?

if they are selling why would they be selling at these prices? they dont have redemptions so therefore there is no real need to sell.

i think NMS are excellent value, its the type of share you buy 100k of and just sit on them.