Ann: Change in substantial holding, page-19

SI shouldn’t mind it if he sees it as George’s payment for a seat at the table for the CLBP product. The increased shareholding should be mutually beneficial and could also be very useful in any M&A. A clear willingness by George to increase his commitment should come with a concomitant leaning in to the influence he enjoys with his residual stake in the Surgcenter business in terms of distribution of this prospective CLBP product - it just fits so well with the business model. Increasing the product offering at the ambulatory centres will benefit the patient but also surely increase the value of his stake.

It’s a form of alliance as I see it.