Commentary and theories for why certain share price action is a...

Commentary and theories for why certain share price action is a good thing, but it's also a good thing if you back them up with some actual analysis or numbers so that people can determine whether your analysis is useful or not.

For example, you could break down the top 20 and work out who the actual T20 holders are and then try to determine their net holding change over a period (rather than just saying 'a large holder must be selling out' without any basis.

If you did some analysis you would see that our two largest holders have increased (not decreased) their positions over the past year (Jose Luiz Manzano and Waratah Fund).

However, you could rightly point out that Canacord (broker) has been selling on behalf of someone(s) - specifically Canacord net sold 56.5m shares from May until end of 2022. If you then compare this data to our T20, there is no one who could have sold this many shares except for the unnamed CR instos from April 2022.

How many CR shares were issued? 218m - reference ANN further below. We know that Waratah took up ~95m of them, so there is a balance of 125m CR shares which were issued to unnamed north american instos. Assuming Canacord is selling on behalf of one or more CR instos, then the holders of these CR shares have 68.5m remaining.

https://www.investi.com.au/api/announcements/lrs/dfafa660-54c.pdf