Index issues, page-28

AusSuper do not run businesses. BGH and other PE sponsors do (via the Board of their portfolio companies and senior management that they appoint). AusSuper is largely a passive funding partner. They stump up the cash and would have consultation and/or voting rights on certain matters but they sure as hell aren’t setting the company strategy or have any involvement in the day to day running or the business. AusSuper won’t be taking Syrah private unless they have a co-investment partner who will be taking the lead on actively managing the business, as Syrah’s existing management’s team has yet to demonstrate they are competent and capable of doing so.