Hi Simplesimon, Trees and Jas, agree with all your observations....

Hi Simplesimon, Trees and Jas, agree with all your observations. I think it is a Mr Big but it can't just be anyone as they would show up in major, or even minor changes to holdings as the top 20 are listed each month.

I suspect it is the big holders, trading in and out to make profits with no intention of dumping the stock short or long term. That's why they didn't show up as having changed much during the crisis which saw hundreds of millions traded daily for nearly a week in March - Top 20 stayed pretty stable as other holders have pointed out.

Holders like Pala are so big that pumping and dumping could be done without too much trouble or risk in my view. I am not accusing anyone in particular, just making the point that it does seem to be a manipulated exercise, with a view to making a few bucks while we await the inevitable game on for this stock.

Answer to the question 'why sell' - obviuosly to buy back in cheaper. Why the volume - to pump the price then unload for a profit and buy back in at smaller volumes using the pump to create the slide needed to buy back in.

I don't really know but this scenario ticks a couple of boxes in terms of a possible explanation.