Ann: Change in substantial holding from PPT, page-15

PPT is a fund manager not a corporate raider. Their holding is in fact likely to be the aggregate of a number of their funds, some with a passive and some with a more active remit. With 9% I’d say at least one of their funds is taking a bit of a punt on nickel if not specifically WSA, but I’d hardly expect it would be what I would call strategic. Don’t be too surprised to see their next notice being a reduction. Have you actually followed the course of these notices by PPT over the years in any company? Or for that matter the notices of any other big fund manager?