I didn't think of that @Colflan
The current Playside market cap is ~$340m, and it's already in the All ords. But the smallest mkt cap in the ASX300 is currently $686m (Brainchip as it turns out), and the smallest in the ASX200 is $1.5b, so is still a ways off being added to these.
Still, liquidity is a major consideration for the ETFs so the added free float has to help. And there are plenty of global and sector specific funds that could include it if the average daily volume rises. There have been plenty of days recently were the total value traded in a day has been less than $500k, so i'm sure its kept playside out of reach of many.
Not that any of this would alter my thesis for the business, but it'd be a nice kicker if it happened.
In terms of the sell down itself, I have to say that while you never like to see insiders reducing their holdings, I'd probably do the same if i'm honest. Even if i was very bullish on the company.
Gerry's a young guy and woke up one day with a $60m+ position in the company -- likely 99% of his total wealth. He sold ~17% of his holding and still has a 17% stake in the business (still the largest shareholder by a wide margin outside of other insiders). He'll do extremely well if the company continues to do well (and he'll also lose a lot if it doesn't), plus he now has an extra $10m to enjoy. Good for him.
From the recent call, I definitely got the sense he loves what he does.