Ann: Change in substantial holding , page-18

Many of you are clearly unaware of the role of a fund manager when in respect of nominee holdings.

The fund manager is paid to manage a fund mandate, either through a unitised trust situation, or a more direct nominee holding. But at the end of the day, the investor is paying the manager for their stock picking advice.

If MBA had no control over the investment selection, then why would the REST's of the world have any association with MBA?

These nominee accounts were on the register due to the guidance and advice of MBA, pure and simple. Now their exit can be due to 2 factors, MBA advised to sell, or MBA lost the mandate in totality and was forced to exit the position on the nominee's behalf.

Kiril.