There would be absolutely no reason for Pattersons to sell down, wouldn't make any financial sense to them. If I am wrong let me know but they aren't daft enough to loose the underwriting fee the worked for or else its wasted effort for them. I don't think they are the ones selling.
Personally I believe some of the 50% that did the rights issue gained their shares and are selling down. It's the smaller investors/traders that sell down on low volume.
magnetite set for takeoff, page-7
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