Ann: Ceasing to be a substantial holder, page-11

There's so many data points these days that many participants in the market have access to see how a company is performing. The share price has been weak leading into the 3 downgrades as many participants in the market knew the company wasn't performing well. But many on here have continuously blamed share price decline on "manipulation" and "short sellers".

The jury is out as to when the decline in revenue is going to stop and where future growth is going to come (and at what rate) given no one knows if the daigous and CBEC channels have fundamentally changed forever or will recover and to what extent. Needless to say that no takeover offer will come when it's still trading on a forward EV multiple north of 30 with so many questions that remain unanswered.

Reality is another downgrade later in this half is more than likely and the share price to hit low $7s.