Ann: Becoming a substantial holder from SNC, page-3

Bit of spice happening here... Sandon Capital and Samuel Terry teaming up with 5.6% to agitate some change on the board and reject the remuneration report, director fee increase, performance shares and refresh of placement capacity.

Without knowing any more, I'd suggest this is investor blowback for the Who Dat acquisition? As someone wise recently suggested to me, the way the deal played out suggests unsatisfied investors leaked the news and shorted the stock to cover into the placement (check the shortman chart spike around November for evidence). Morgans note touches on the "multiple surprises over the last six months has however had a very real impact on investor sentiment".