ZGL issued 3 profit warnings in succession in 2013 & 2014....The...

ZGL issued 3 profit warnings in succession in 2013 & 2014....The SP dropped , but was there a mass exodus?
From the Ann Reports 2013 & 2014:
# The top 20 increased their holdings from 66.3% to 70.4%.
# Ventrade maintained its holding at 3.09%.
# CityCorp Nominees increased from 2.8% to 7.1% ( probably Boyles)
# HSBC reduced from 1.8% to 1.04%.
# 2 new Instos added in 2014......ABN Amro Nominees with 1.75% & BNP Paribas Nominees with 1.27%.
# The rest are directors & a few individuals that remained unchanged except one that dropped out.
# Directors were recently buying at 0.245.
This is called wealth transfer from weak hands to strong hands....Or accumulation by Smart Money.
Always happens on bad news.