Ann: Becoming a substantial holder from WAM, page-4

I tend to think AG have been selling down for a while and were probably in for the original business. Now that the core business is somewhat flagging (yes, it's still generating cash but probably not going to evolve into a CMP/WRR/MBE type stock from an earnings perspective) they're probably moving on to other pastures.

WAM on the other hand (you can only imagine) are taking a position in this pseudo-shell for where the company is heading, rather than where it is or has been.