Ann: Ceasing to be a substantial holder, page-3

Here's how Ruffer stacked up against the other major shareholders:

Major shareholders:
Morgan Hart – 8.13%
Ross Stanley – 7.35%
Other EMR Directors and Management – 6.52%
Ruffer LLP – 5.93%
Other Institutional Investors ~42%

Ruffer began to become a substantial holder in March 2020, paying around 37c/ps (equivelant)

Ruffer disposed of 3,194,270 shares betewen the dates 5 March to 9 April.
Total EMR shares issued = 515,397,207 of which Ruffer owned 5.93% = 30,563,054.
Leaving them with 27,368,784 shares, or 5.3%

Anexure A of the notice bears the title "Change of Interests of Substantial Holder" Ruffer remain a substantial holder.

Ruffers investing policy is "Get rich slowly" Making incremental profits for their investors. Nothing to worry about.

The shares appear to have been snapped up quickly in private trades. Buyer obviously knows good value.

What Ruffers' Gold Fund says about gold:-
"Gold mining stocks are now an attractive way to invest in gold. As noted in previous reports, the sector is much more investible than most realise, with competent management teams focused on costs, capital allocation and shareholder returns. Gold miners are at a significant discount to gold and at this stage the miners do not seem to be facing the inflationary pressures which blighted the last period of high gold price"