Ann: Change in substantial holding from FOR, page-2

These sales of shares from Forager Funds are interesting because they are before the acquisition....They are probably kicking themselves.

In the past 24 hours, on Livewire Markets, Gareth Brown of Forager Funds, released an article called "The Upside of Downturns"...

The key NTD section of the article...

We’re seeing similar long term thinking from other portfolio companies, and not just internationally. In the Forager Australian Shares Fund, National Tyre & Wheel (ASX:NTD) took the opportunity to acquire Tyres4U, a currently-unprofitable competitor burdened with too much debt for a standalone entity. Industry consolidation has been an important part of our investment thesis since the company listed a few years ago.

By stepping up during a crisis they’ve been able to get Tyres4u’s at a discount to net assets, which would have been unlikely if they waited for more buoyant markets. National Tyre & Wheel will now get more benefit from the pickup in demand as consumers opt for road-bound holidays.