Ann: Becoming a substantial holder from PAN , page-4

I dont think PAN are looking to takeover just more invest in growing companies. With that in mind and how well they have done on some of their buys you would expect MMW to deliver. I dont think PAN are investing in short term either. As I said 50-55c for new is the base, may not see any movement past that for a while, unless Anglo see PAN as a threat which I doubt!