The re-rate journey, page-375

Here is the copy received from 12th March. It was provided fairly promptly on request. This is the unredacted version which I posted previously.

I received confirmation from IR that Planet Innovations has not sold any shares. Perennial Value Management would have holdings under the HSBC nominees given the size of their position as would Ryder Capital who also still hold (or maybe RYD hold under JP Nominees meaning numbers below mean top 20 outside the top 4 held 88M shares). I reviewed the Ryder capital shareholder letters which confirm they still hold. Ryder hasn't released any disclosures confirming major sells so even if they have sold small portions, if their position changes drastically, we should be advised. PVM have always released updates as seen on simplywallstreet which the last sale was in March 4 when they sold 150,000 shares, but later bought 5.13Million later than month. Since then, no releases provided.

The only other top 20 / insider transactions publicly noted were the director purchases recently.

Any positions from 5 down could have sold, yes. But given the holding size listed, I cant see any substantial issues with any sell off. Outside of the top 3, the above top 20 held circa 113Million shares. Since the top 20 was pulled the churn of shares looks like this (post report date):






Even with a top 20 sell, it is likely being rebalanced with others. I note in March, a top 20 position would have held 2.72M shares.

My position as example pre report was around 820,000 shares and increase post is now around 1.13M (potentially may change again today).

So out of the 275,863,221 churned, I can tell you i have bought and held onto a further 317,000 or so shares. If others on this forum have done the same (and honestly without selling/trading) then the churn of shares couldn't be put down to instos like PVM and RYD selling and definitely not PI selling. The churn of top 20 wouldn't be an issue as it would rebalance with new top 20's with similar holdings. You could also assume some of the top 20 haven't changed positions - we wont know until the annual report or someone obtains an updated copy as of today - maybe someone else can ask or post if available?

I think the question is, how much of the general public held shares are held by the same people and how much of that is churned. IMO, RYD, PI and PVM haven't sold. The directors haven't sold, which to me tells me since March, it comes down to retail shifting of the remaining 255M shares.

Just my ramblings. Take it as you will.