Vintage...you usual cautious approach. And I agree in part.
This is, per se - a bet on the U market increasing into 2015. Make no mistake.
If this doesn't happen by start of 2016...this will hurt. That said, moving into contract season by end of 2015 we should get back to 'bread and butter' finance arrangements into 2016.
A few moving parts to this, I agree. As a generic comment though Vintage, I am confident you are not ignoring the upside of this.
You know we just wouldn't believe you even if you stated it.
Cheers
Gav
Ann: Change in substantial holding, page-18
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