Ann: Becoming a substantial holder, page-9

I think these guys take a medium to long term view. To have a 1.74 average they must bought pre and post fall . Value is all relative based on price. So it’s possible they saw it cheap at 2 dollars based on old profit and is still cheap based on new price and profit levels. So the price is down about 42% from announcement relative to profit drop which was 37% . So if one assumes the profit will recover to a more normalized levels ( even 10-15% below medium term average ) then 1.135 represents great value . For my perspective I have taken the view the stock has adjusted by 42% so unless the profit continues at these lower levels any profit adjustment up from current result will result in SP upside