I think there's only 2 holders anywhere near the t20 likely to...

I think there's only 2 holders anywhere near the t20 likely to sell on news (as they both did on Microsoft ann).
All the top holders have only been increasing for a long time. Apsec holding obviously belongs to mkre than 1 holder, otherwise they would have definitely be required to announce increasing substantial holding, multiples times!

Last I saw, the top few - Tarrant, Apsec, Ostergaard hold 52%!

Top 6 (#6 around 12m, 2.53%) holding just over 60%

The T10 goes as far down as Tot at #9, and another at #10 with under 5m (less than 1%)

It's quite incredible how tightly held Nor is. Other than T8 and ords linked holdings, I doubt there's been any top holders reduce in a long time.

With all the sell/not held scaremongering over the years, suggesting those top holders could dumps 10's or 100's of millions, illiquid stock.. blah blah...

So, ask yourself the question.. Why would top holders keep buying, if they couldn't cash in? Why would they hold so much of a stock that they couldn't offload without crashing the price?
I wondered the same thing....

There's only 1 reason I can think of..

They must IMO 100% expect Nor to acheive tier 1 success, and eventually be taken over.
..and which global giant did Nor recently partner with?
Current $20m MC..
Say Nor gets a major tier 1 contract very soon - all previous updates of advanced contract progression, suggest expecting it by now.
Say the MC soon heads towards $50m

Then, will we soon see the other international's spruiked in previously quarterlies?
MC push towards $100m

Microsoft regularly acquire companies for $250m+
Would a mob like them be interested in Nor once they have local and international tier 1's?
They are already working with Nor
I doubt Nor would get near $250m, but $100m+ would be absolutely realistic with say major Optus contracts, and whichever the UK and US CSP's are.

So, when billy, bottle and the other bitter trolls scaremonger top holders dumping - which they have posted for YEARS, while top holders only increase.. I think it's more likely those top holders like Tarrant (no idea what his ave would be, maybe as low as 2.5c) are looking towards 10x that, takeover, rather than dumping for profits like t8 and debs!

Tier 1 contracts, profitable Nor... I wouldn't expect any chance of any big player having any interest of lobbing a bid on Nor before then.. but, I would be very surprised if it's all they would be waiting on. They'd pay much more when it's 100% confirmed with multiple tier 1's

IMO