Ann: Change in substantial holding from IFL, page-45

I think IFL use some of their portfolio for short-term/daytrading while keeping the rest for long term. Nothing wrong with that and it's quite legal. If I had millions of shares I'd probably do the same too. Hardly any shorting according to ASX. The current might is right trading certainly tests small holders such as myself but the fundamentals of this stock are solid and incredibly undervalued.

Suppostions re Rosenberg lending his shares out might be valid if past behaviour is anything to go by. Shame really, as his presence as a significant holder probably deters potential investors.