Norwood systems New Company Direction, page-50

With regards to APSEC, I think @Holla and @discovery4 have clarified that up quite clearly.
With regards to your overall post, I think you have misread my post. Looking back through my post, I guess I can see how that happened.
To clarify, I was not only talking about APSEC. APSEC were the lone insto holding early on, but now, APSEC together with several other instos are all holding large chunks of NOR. All taking place and accumulated while, "there is nothing to see here" and "lights out" sentiments echo through the market.
So, "chasing it down" is not really appropriate imo. When others are (instos) are aggressivley taking up positions in the company, it only makes sense that APSEC would put their elbows up and try and retain the lions share. From my original post:
"Not only are they not selling down, it would appear to me at least, that there might be some internal competition going on amongst them?"
Now to touch on DC's post:
"however if they really wanted out they could drip feed them out over several weeks".
Not only could they have done this, but, with agressive interest from other instos, they could have easily moved their share on. They have not though. In fact, they are too accumulating and as stated above, trying desperately to hold onto the lions share here.
"Averaging down" DOES NOT look like this imo....