Phillip's line at the AGM was that due to CV19 a number of investment opportunities had cropped up, so he selling down his NWF to takeup the new opportunities. He said he still had confidence in NWF. His remaining shares are free carry after the sale proceeds and dividends, so it will be interesting if he sells out completely rather than retaining shares in a company he is a director in paying 10% per annum in dividends. Either way, he does not have that many left to sell.