who is selling

Very large parcels changing hands. Apart from the Melrose holding, which was 14mil shares on 31/8/06, the next biggest holding is only 4 mil, then 3.5, 2.5, 2, 1.7 then about 5 holding 1mil each.

I had believed that the Melrose holding had already been completely sold by the time the news about bondholders putting in redemption notices was out. There was turnover of 20mil on that day and the price had fallen so much it must have triggered a margin call

Unless all those biggest holders decided to sell today it's hard to see what's going on. Looks like turnover will be in excess of 20 mil by the end of the day. There's now so much turnover that even if the Melrose holding was still being sold that will not explain the volume spike