Ann: Change in substantial holding, page-44

I got in to ARI during the week for the following main reasons:
- Pending interest rate cuts will boost this business
- They have three arms to the business and donot rely soley on POIO
- Given their share price has fallen by approx 1/30 surely there has to be some upside and given their smart move with the capital raising they should weather the storm whilst consolidating revenue raising parts of the business
- Given all of above and the fact that price has dropped further I suspect a takeover target
- BSL has also dropped dramatically and I think ARI are a better buy and when things pickup could buy BSL

Fairly basic reasons but would be interested in others thoughts.

MFinn