Ann: Change in substantial holding, page-21

Just thought of something else ...

If any substantial holding changes by 1% or more, then a notice must be submitted.

Paradigm have gone from 4.07% to 11.12% with the 1st notice. Then from 11.12% to 13.80% with this notice.

But we haven't seen any notice from any substantial holder (over 5%) of them selling more than 1%!

So Paradigm have added 9.73% without any notice of a sub selling. Which suggests its not a sub holder (management) selling.

Well at least not any of these guys (5% or over) ...

Which suggests that Paradigm have been swallowing up a big part of the free float.

...