Ann: 2015 Joint Report of the Chairman and the Managing Director, page-20

Ivanovich, London City's holding appears to be under at least two different HINs, coming in at number 6 and 17 in the top 20. Adding those holdings together and it looks like they have actually increased their holding by around 20,000 since their substantial notice back in June.

Acorn Capital is substantial with around 13% held which is spread through National Nominees, Citicorp Nominees, HSBC and JP Morgan.

I check the Acorn Microcap fund update each month and FID is consistently listed as their top 4 or 5 holding. It hasn't been reducing over the past few months