Ann: Becoming a substantial holder from MQG, page-3

Yeah, Ive been thinking that until recently. It wouldn't give them any control over the underlying investments, just the direction of future investments. Most of the funds BAF has invested in are closed funds managed by Blue Sky and would be difficult to take control of.

There would have to be another reason for this move, my thoughts were:
1. MQG have more confidence in the value of underlying assets.
2. MQG have made a massive mistake in their valuation process
3. MQG are looking at a takeover offer of BLA but are waiting on the sidelines for better value there and this is a defensive play against this asset.
4. MQG are confident enough in their lawyers that are happy to have a crack at a misrepresentation case against the manger (ie to have a crack at 3). Ie, if the recent market updates are intentionally overstated, and the NTA of this fund are not as stated, the lawyers could have a really fun day and earn their bonuses.