Top 8 holders have only altered very slightly their holdings. We must not forget that two of these are JM Finn Nominees and the US IP holders. These are composed of 100's of people. Only a couple of people have over 3% within these accounts, therefore no announcements necessary. They are treated as single entities of course on the register. Since flotation Finn's have gone from 11% to over 15% and as expected, US IP holders have reduced by a similar amount. The other 6 top holders have varied their holdings in minor ways only. One of these incorrectly attacked in the summer as a sell; was in fact shares pledged as collateral for personal reasons by an individual which is of course entirely normal, but the shares were transfered by the bank in question into a different account as surety.
I watch these big blocks and institutions very closely. If I were to detect any unexplained selling: I would freak as well. So far, so good.
It is generally expected that the US IP holder component of the business will reduce further over time and on occasion, as happened last year....a forced seller emerges, it really hits the price due to the low volume. I have a hunch some this plus US tax loss selling has been going on again.
What really matters is the commercial model and thats begun.
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