Ann: Change in substantial holding from AEF, page-6

I suspect that the reason it's copping it sweet atm is that the YoY numbers over the last few years, whilst they've been good, haven't been great, there's been quite a lot of fluctuation and it appears that some of the efficiencies gained were semi blown (increases in revenue not showing adequate conversions into profit and the like). Just my 2 cents from having a browse through the results and whatnot.