Ann: Change in substantial holding, page-5

When HP choose to sell … there will be numerous players willing and keen to bid.

Hawkes Point won’t be stupid and sell down on market … a 40% controlling stake will attract a solid premium.

The fact that they didn’t retain their % is an indication to me that the stock may now be in play over the next 6/12 months, particularly once second decline advanced and growth outlook clearer.

Hawkes point are finally in front on the $$$$’s and it’s been a very difficult and turbulent journey over many years …. and all fund managers need to retouch their money at some stage.