Ann: Ceasing to be a substantial holder, page-29

Just be careful Re quoting discounts to cap raise figures. That’s classic anchoring and is an easy behavioural thing to be aware of - I need to check myself when I do it too. Also, the cap raise was done pre downgrade so it’s worth taking that into account.

Either way, I agree that it’s a fair risk / reward at these levels but with two material downgrades there will be a discount on the valuation until confidence is restored vs the premium it had when it went on that run to $1.50.