Ann: Ceasing to be a substantial holder, page-13

Why would Regal buy millions of shares to haphazardly dump them so soon after IPO? Nothing about the business has changed, except for a broader market understanding of the company thanks to Angie Ellis (a good thing).

Short-term profiteering by a fund manager is frustrating for all shareholders, and ultimately self-defeating. It's now much less likely a high-quality pre-IPO company will fall over themselves to get Regal onto the register. They are burning future prospects of favourable deals for themselves and their clients and further diminishing their reputation.

It doesn't matter long-term, of course. Angie was absolutely right when you need to think of this as a five-year play, backed by the tailwinds of the digitalisation and democratisation of education. This is a very strong buy for me, and Regal will have egg on their face in a few years' time, especially if they intend on selling down the entirety of their holding.