Ann: Acquisitions and Equity Raising Investor Presentation, page-8

The hit to SP can be partly explained by retail investors selling down their holding in order take up cheaper shares through issue.

Perhaps the main reason for Monday's sell down to the new issue price was a strategy to maximise retail shortfall allowing underwriters to pick up additional cheap stock.

Over the past few years INA's share register has been rapidly tightening with the top 20 holders now owning an exceptional 91.3% of shares that has come about mainly through US fund managers (i.e. Blackrock, Vanguard, JP Morgan as well as Sun) expanding their holdings. I expect this will be even more concentrated post issue.

IMO US fund managers have considerable experience and understanding of current 'baby boomer' retirement dynamics and on that basis I would not be surprised to see a TO within the next 12-18 months now INA has probably reached critical mass for an overseas investor.

With inflation now looking more entrenched, INA is providing a great combination of secure inflation adjusted income, reliable organic growth as well as holding an excellent land bank asset. I'm very relaxed having it as my largest holding.