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Hi Nick

Not 100% sure but based on circumstantial evidence. HHL are under the pump. They have had a terrible investment performance over the last 3 years leading to FUM down by about 40% (vs XAO up about 18%). Due to this poor performance, clients are with drawing funds from their managed products and HHL have to find cash to meet redemptions. Hence they are a compromised seller. They have been downloading SRX and MTU as well as CIX.

Up until recently there has not been a market to shift big quantities of CIX, but with the prospect of profits and dividends emerging, I think they are taking the opportunity to sell as much as they can. If so, I think they pushed too hard today. Hence the bludgeoning of the share price.

I may be wrong but I will watch the changes in substantial shareholdings with interest