Ann: Ceasing to be a Substantial Holder, page-30

I also wondered about the motivation for Twiggy. Consider if FMG wanted to diversify their business into PGM's and de-risk being a straight iron ore play. FMG are rolling in cash and their biggest risk (in my opinion) is their reliance on an increasingly erratic customer. A TO or JV of IPT by FMG would give them access to gold prospects in WA and NSW, as well as PGM at Broken Hill. Consider what impact a TO or JV with FMG would have on the SP of IPT. Now consider if Twiggy still held a big position in IPT. It's possible some would consider the use of FMG funds for such a venture as being a significant conflict of interest, especially given the personal profit he would take from the deal. The best way to remove the conflict (real or perceived) would be to sell down his position.

Or, he might just think IPT is a dud!!!

I hope it's the former.