My math differs from yours, Snoopy. In July, Babidge's family trust had 6m fully paid and 5m partly paid shares which totalled 11 million. He then sold 1 million fully paid shares at 72 cents each to help his family trust pay off a loan facility. His declaration of holdings following this sale showed him as still having 5 million partly paid and 5 million fully paid shares.
https://www.nzx.com/files/attachments/222913.pdf
In December he sold a further 1 million shares at an average of around 168 cents each, at which point the company said the transaction took place in a period when sales by executives and directors were not restricted. Yet there were no sales by others, even though the SP rose almost 50 percent beyond that.
A few days ago he sold a further half million shares. By my reckoning he has sold 2.5 million shares since July, not 3.5 million, which is just over 20% of his total stake, not 42%.