Ann: Ceasing to be a substantial holder, page-25

I disagree with "always" (respectfully of course!!!). If there is disagreement between directors/senior management about strategy to the point where it is counter productive, then exit of one side can be good; allowing those who remain to pursue a singular strategy without conflict and doubt. I am not saying this has occurred with SE1 but rather generally speaking there are scenarios where exit of a Director can be a good thing.

Lets say an early stage company has a strategy of communication that heralds great potential (aka speculative in nature - we are after all at the small end of town speculating rather than investing). Then, a new CEO takes the reigns as the technology matures and customers are secured. The new CEO wants to pursue a different strategy as the company attempts to transition to profitability. This CEO has a very solid history of stable no nonsense results focused on tangible results - not relying on communication and speculative hype.

At some point (hopefully) early stage starts up transition from speculative to investment grade.... For that to happen, not only does management need to unite behind a singular strategy, but the shareholder register would also need to adjust to reflect the transition....Those holders aligned with early stage management and speculation would need to exit and be replaced with new holders who better align with the new strategy... Unfortunately new holders need to see progress of the profitability materializing. If this does not happen, then it is likely the share price would falter until the numbers demonstrate tangible results (towards investment grade).

It is easier to speculate you can build a profitable company by comparison with actually doing the building (achieving investment grade) and more start ups fail than succeed for this reason. All hypothetical of course haha. IMO SE1 is transitioning from speculative to investment grade (still some progress to be made!) but I am banking on Ralph to achieve this outcome over the long term and have been buying over the past week...