Word's getting out, page-36

Hi knicksafc!

Vanguard have an Index tracking fund of which the All Ords forms part.

As ADN have now fallen out of the All Ords, Vanguard are no longer required to hold them.

The options they have are :

1. Transfer ADN to another one of their funds, but ADN may not meet their requirements.

2. Undertake an off market transfer but I doubt they would find any Insto interested enough to buy in at this stage.

3. As the new All Ords comes into effect on 20 March, all Index tracking funds have until 17 March to sell/buy as appropriate.

4. Common sense would dictate Vanguard sell off gradually, in relatively small parcels, as dropping a sell order of 70 mill would destroy the SP. So this pattern should continue into next week.

Or I could have completely wrong!!!

Regardless, I would be overjoyed to see Vanguard leave. Any fund manager who buys any stock and then lends it out to short sellers to undermine the price, must be a sandwich short of a picnic.

Cheers.