Ann: Change in substantial holding, page-15

Close enough. Assuming they sell the rest of their shares at an avg sell price of 21c, using their public disclosures (so not accounting for what they may have recovered from derivatives or fees from loan of their stock), their loss will be around $110m. For anyone interested in running different scenarios using different SPs, following their last disclosure Baupost's average buy price was $2.15 (so 56,702,873 shares @ $2.15/share).

The loss of Baupost as a substantial investor would probably have been more of a problem for us with our previous, Australia-based management team. Confidence in the company would probably have taken a hit and we would probably have lost access to useful connections in the US. Arguably it's less of a problem for us now because our current management team are US-based and they came into the business with industry relationships.