Ann: Change in substantial holding from PPT, page-19

Ksl is a funny duck but I like it. Risk omg try the time they lost overseas FX partners because everybody was worried about money laundering (nice little money earner for them) or the Westpac thing (I loaded up on the stock and saw a clear trajectory to profit growth) Now we have 45 % tax who would have thought (they actually pay a blended rate of 40 %) but still I am here. Management seem to know what they are doing and when you think about their dividend it’s a good earner. Personally I want a fall so I can top up. Risk is always there for any stock. Small cap & perpetual dumping - what ever, just another wrinkle.