"Wouldn't PALA want the SP to go much higher on SML ann if they wanted to stay on board - of course. They didn't, so they don't want to stay"
Zubana - PALA has not done any substantial selling since the SML announcement. At most, it could only have sold up to 4.3M shares (without triggering the requirement for a substantial holder notice).
In fact, the last sale (according to the most recent 'change in substantial holdings' announcement) was 3 April - two months ago and 3 weeks before the SML issuance. Their sales were pretty consistent before then - with substantial holder notices identifying sales between 12-17 Dec, 16 Dec-10 Jan, 31 Jan-27 Feb, 28 Feb-5 Mar and 14 Mar-3 Apr.
They also had plenty more opportunity to sell in the high 3's in early-mid April.
This all points to them concluding their selling for the time-being.
nice move, page-33
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