Ann: Change in substantial holding , page-3

Hi Utsstudent,

Nothing to smell here.

They are completely unrelated parties.

Elm first announced on the 7/12/10 that EMC Investments became a substantial shareholder of 6.4% with 9,619,509 shares.

EMC is a cornerstone and long term shareholder in ELM.

Substantial shareholders have to announce changes in shareholding for movements greater than 1%. EMC Investments has bought 290,000 shares hence that has tipped them over the 8% bracket hence the announcement.

Interestingly, another cornerstone investor Harlequin Investments has also recently increased their holding as announced on the 11/3/14. Harlequin first became a substantial shareholder in ELM as announced on the 27/11/09.

To see the long term, substantial shareholders buying is very encouraging.