Ann: Change in substantial holding - Clayton Howes, page-3

wow you have to feel for Clayton Howes.......his shareholding has gone from ~30% of the company less than 2 years ago to ~7%, and unlike Scott Emery does not seem to have had the cash to buy into the raise.

Having said that, Clayton more than anyone had more control over why the business is where it is, but unfortunate that he did not have people around him (or a board that challenged the missteps) to advise him he was skating a little too close to the edge.

The hope is that this near death experience has introduced a degree of caution to all of mgmts actions, and that the business has the fundamentals to grow from here (not as fast as 2 yrs ago, but at least to continue to take share from bigger, slower and less agile players in this space).