Carsales has not sold down any of its holdings. The % holding...

Carsales has not sold down any of its holdings.

The % holding going down is not proof of CRZ selling down its shares, it is dilution due to issues of shares to company directors.

The 22.9% figure you refer to was reported in March 2014 when CRZ topped up at $1. If you go through the ASX releases you'll find a stack of notices of share issues that diluted everyone through issues of shares to the CEO and other company directors etc.

The 2014 Annual Report shows CRZ held 44,197,239 shares equivalent to 20.22% of the company at the end of 2014, due to the issues of these shares to directors.

The 2015 Annual report shows CRZ increased this over the year to 50,083,433 shares equivalent to 20.16% of the company (slight dilution again probably due to issues to company directors etc). Bear in mind that even the shares issued to the CRZ director on the board of ICQ is not held by the director but I think goes to CRZ which again makes a small change to CRZ holdings.

Any meaningful increase or decrease in holdings will be accompanied by a change in substantial holdings notice.