Acorn owns 12.746M shares from last notice or 8.72%. Recent...

Acorn owns 12.746M shares from last notice or 8.72%.

Recent purchase of 7.4M shares for $1.3M or 17.5c share, well under 9c share offer.

It would make little sense if Acorn have not purchased REY on market today to block this bid and get a better deal and ROI.

http://www.acorncapital.com.au/About.html
http://www.acorncapital.com.au/Philosophy.html

Established in 1999, Acorn Capital is a specialist investment manager focused solely on the microcap sector of the Australian share market. The microcap sector is defined as all those listed companies that lie outside the top 250 by market capitalisation. There are currently over 1,700 microcap companies on the Australian Stock Exchange.

We have two investment objectives:
•To enhance our client portfolios with the return and diversification benefits from investing in the microcap sector.
•To outperform the microcap benchmark index over time.

We are based in Melbourne with a staff of 12 of whom 10 are dedicated investment professionals. Bob Officer is Chairman and Barry Fairley is Managing Director.



Our Investment Philosophy

An inefficient sectorThe pricing of microcap companies is relatively inefficient, providing the opportunity for excess returns.

Research over valuationIn depth fundamental research, both at the sector and company level, is essential in the microcap sector and is the cornerstone of our investment performance. We believe that fundamental research is far more important than valuation techniques, and we make investment decisions based on relative value against a peer group.

Portfolio managementWe seek to manage microcap portfolios in a way that:
•Is professionally and academically rigourous.
•Is founded on structured fundamental investment analysis.
•Makes full use of our team’s business and financial markets experience.