I'm guessing it's the poor old daytraders who are spending money...

I'm guessing it's the poor old daytraders who are spending money they don't have and after T+2 they have to stump up with some cash or they will start getting charged on their accounts. In the morning of T+2 they find out how much they are short and they start to dump. If they had the cash they could hold, but as it is, I'm surmising they are spending 'other people's money'. Which is fine if the announcements had come out and the shares had rocketed up, they would be gleeful, sell and pocket the profit whilst still paying back the capital.

It happens time after time after time, and that is one of the reasons why I feel sorry for the daytraders.

As a long term shareholder, and having watched this stock for far too long, I think I know how it reacts, and this is not normal for a pending announcement or two.

They (RSL) don't have leaks so you cannot get an indication from their share price what is happening if the announcement is positive or negative.

Anyway, their loss will probably be someone else's gain.

I very much doubt it is the Mac Bank clients. The purchase of their RSL shares was chicken feed. They were sophisticated investors, and wouldn't be so stupid as to dump shares all at once on a rising share. They don't get to be sophisticated investors for making dumb decisions now do they.

Anyway, all the above is just my musings. Feel free to disagree.

Cheers,
Tangrams