The primary seller has uncovered themselves via a change in...

The primary seller has uncovered themselves via a change in substantial holder notice. The fund/s of Perennial Value Management have sold down net 2M units.

Based on a quarterly performance report, at least some of these shares were held in Perennial's "Private to Public Opportunities Fund No.2" - with the commentary highlighting Adrad as a drag on the overall performance of the fund. So it's loss selling, but they still maintain a substantial position holding ~7% of the company.

They took on 5.8M shares at IPO.
Added a net further 1.8M shares through December, with the buying done at ~$1.05/share (weighted average price of their total position at this point in time was $1.39/share).
Across 2023 have net sold 1.96M units, leaving them with 5.7M shares.

Will wait and see for further substantial holder notices to see if they continue to sell down...