I would suspect some of the sellers are the larger holders of...

I would suspect some of the sellers are the larger holders of NTC. If you look at all the acquisitions and license purchases NTC has made over the past year or two outside of C10/Lemvest Pty Ltd, they have been paid in cash and script, with the script component being around 50% in many cases.

For some of the companies (Mako Networks/YellowTuna - 2nd largest shareholder) or individuals of those companies acquired, Barry Mitchell (3rd largest SH - Call Direct) / Michael Cornelius (5th Largest Shareholder - Call Direct), now probably contributes as good time as any with a little liquidity to gain back some more of the purchase price.

Mako has been quite an active seller as shown by all the form 604's submitted to the market.