Ann: Change in substantial holding from ZER, page-8

EL, Zeb,
Their release says 7.3 m shares were bought on market. There is a limit to how many could have been bought before the CR without crossing the 1%. There were 553m shares on issue before the CR so the maximum they could have bought on market before the CR , without declaring, was 5.5m.

I accept that some of purchases may have happened befor the CR but the remainder would make a fair chunk of what has traded since.

PAN is fortunate in having its own concentrator. If it were reliant on someone else restarting one, it too would have an elephant in its house.
bacci