Ann: Ceasing to be a substantial holder from AEF, page-5

the date of change was 30/7 and announced 7/10, over two months later (?!) and more confusingly the date in the actual notice says 15 July 2021, BEFORE the change ?!?! But in any case not a big move. To be honest, I don't like funds ownership - they are simple a collection of retail holders who may not know or care about what this venture is about and they just want some ANNUAL return on their money [NB, i do know they call themselves "Ethical Investment"]. Note, with the new scheme of ranking funds, these funds are competing to stay at top 10 in (annual return) hence going for "quick" profit, if they bought at 11c for example - look at their website you see their flagship message is that they are (claim to be) top returners.

Speaking of those expecting annual return .... here is a quote from the link in the media thread re Merck on the hunt for patent ...

Davis, who replaced veteran Merck CEO Kenneth Frazier in July, told investors last week that he would accept a one-notch credit rating downgrade if he needed to spend a lot to secure the right target. Although 2028 may seem like a long road, it is a relatively short period in the “pharmaceutical years” given that it takes an average of a decade and an investment of $ 2.6 billion to bring a new drug from initial discovery to market. Only one in eight drugs that enter clinical trials is eventually approved, according to the industry Dear.

It needs to be noted that the 1 in 8 refers from start of "initial discovery", we are at the edge of passing through the bottle neck Ph II, and with BMS Lag3 advance in Ph III, our chances are a lot better. So, those who expected annual return and sell for relatively quick profit stand to lose ... IMO.