Ann: Change in substantial holding from HRS , page-6

I am surprised that the 3 million was sold by Hudson and it could of been many reasons for the sale. My suspicions tell me that the 3 million they originally bought from Raffles were warehoused within Hudson's until which times a more suitable long term holder was available.

Hudson still maintain their core holding (6.5m shares) and they have also been off loading a majority of their stake in ABZ (which was in escrow until just recently)

Its important to remember that Hudson are an investment house and they were essentially seed capital in a number of resource companies. Hudson have no interest in taking over AXE and main investment objective is to diversify their assets.

The fact that the 2 million which was put through the other day was picked up without knocking the share price around shows they went to a pretty good home imo.

Another thing that surprised me was Alice Cleary subscribing to the SPP. It's clearly not oversubscribed. Those shares at 30 cents are a gift peoples and if you haven't BPayd your funds you better get cracking!!!