Ann: Change in substantial holding from SOL, page-5

I don't understand your logic. You have to decide how to measure any investment. My view is that I use the tools that are available:

Since their listing the raw XAO index has gone up 27% their raw share price from IPO has gone up 23% so small deficit but they trade on a discount to NTA so the portfolio is today worth 59% more than IPO price. I measure underlying asset performance not share price.

They could not have anticipated Covid nor could they anticipate that they would have so much cash lying around. On a shorter horizon you are looking at over 3 years shareholder return is 18% above tech index. Over 1 year they are horrible but that based upon Siteminder performing badly over the year. It is the one investment that has probably had the largest impact of Covid and travel.

I dont see how you can say they are bad - Instant Scripts 64% IRR Rezdy 21% IRR. I think Siteminder was even bigger...

Why should they tell us anything the directors don't manage the share price they manage the investments - The investments seem to be doing well the share is being sold down. I am not looking to sell in fact I have bought more in the past month. I really dont care what other investors do but in this space there are a lot of underperforming share prices. FDV probably even RUL until recently it can change overnight.

I certainly see this stock as far better than the Waratahs or a broken clock but if you are that unhappy then you should vote with your feet as it hasn't been a great year but I don't see that as the management's fault. When I have stuck with a share that I doubt it has never redeemed itself I have also looked back at the opportunity cost of remaining invested.

This discount is a great opportunity to buy more and I do not believe that SOL are selling because of poor performance - they are just after running their own show.