Ann: Change in substantial holding from PRY , page-14

It wouldn't be prudent to assume most shareholders have entered the stock since March 2012; very imprudent in fact.

The company has been listed since 2004 and was first listed at $2.30. The are many investors and followers of this stock that want more than a measly exit price of 50-60cents.

On an EBITDA multiple of 6 times, you easily derive a valuation of over $1 a share. This is common sense fundamental valuation criteria that matters to many who want to realise the fundamental underlying value rather than pass it up to PRY.

To ensure you've understood the PRY bid risk: a bid for 100% of the stock could still fall very short of 100% acceptance, particularly given doctor owners hold around 30%. I encourage you to invest some time in reading up on the public debate on Australia's creeping acquisition rules and Greg Medcraft's comments from ASIC. It is in the press constantly over the last few weeks.

It is becoming a major problem for listed Australian entities where de facto control is being obtained by likes of the Packers (Echo), Reinharts (Fairfax) and Stokes (WAN) without full realisation of underlying value. This can easily occur here as well.

I am uncertain what you mean by boatfund, I'll leave that to the kids to work out.