Ariadne Capital have increased their share holding by over 5M shares which cost an additional $1.3M during June by buying on market, taking their rights issue and purchasing sub underwriting shares. I assume they purchased Wilson's underwriting allocation because Ariadne were not underwriters for the rights issue.
If the largest shareholder increasing their shares by over 5M shares is not a vote of confidence then I don't know what does. Especially noting that Ariadne tried to topple the board a few years back.
A skeptical person might think they just want to buy the company on the cheap. I know Ariadne are keen for dividends!
Ann: Change in substantial holding from ARA, page-2
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