page 107 of annual report is the real answer

Have a look at what the substantial holders are doing:

Over the last 3 years there have been change in substantial holder notices relating to 8 different entities:

1. Two (Quantum and Macquarie) both held substantial holdings for 12 months or less in 2011-2012 but have been off the register since

2. Four (Perpetual, NAB, Kinetic, UBS) have come on board since June 2012. Of these, 3 have maintained or increased their holdings, Perpetual and Kinetic significantly in the 2nd half of this year, NAB has increased its share as well, and only UBS has sold off a significant portion of its holding.

3. The final two (Luigi Ghirardello and Prospect) have been on the whole time and have maintained or increased their holdings and are clearly long term investors.

The 9th holder of significance, Robert Healy, has just under half what he had at the beginning of the period.

Below is a graph showing the changes in holdings of the 7 of the above 9 holders who are still on the register (i.e. excluding Quantum and Macquarie who have been gone for over a year).

Doesnt look to me like major holders are rushing to the exits. Since the start of this month about 65M shares have been traded, and only one change in sub holder notice - the increase by PPT.

Cheers, Sharks.