M&A Probability, page-41

To finish off the discussion about the big sell orders in the last month, The Australian today is reporting that there were two separate sellers - Platypus and Wellington (both sat below 5% on the register). So my suggestion of Mason Hill was off the mark.

Interesting thing about these big sellers is that they frequently are required to sell for reasons not relating to the quality of the company or their original investment thesis. In this case it was to do with the stock no longer meeting the fund's investment mandate. This creates opportunity for the smaller investor who doesn't have to apply such mechanical processes.

'Towards the end of last year, Platypus Asset Management
sold about 18 million shares in Gold Road, which was about 2 per cent of the goldminer’s issued capital, through Macquarie and some of that stock was picked up through Regal Funds Management.
Last week, UBS and Euroz sold another 20 million Gold Road shares on behalf of Wellington, a US fund manager, which has changed its investment mandate.
The recent changes in the Gold Road registry and the prospect of production starting soon has started to signal that a rerating of the stock could be under way.
Analysts say the increase in Australian institutional buying of Gold Road could be the start of a shift in local fund managers becoming keen to increase their exposure to gold stocks in light of the recent run of consolidation.'