Ann: Change in substantial holding, page-5

I'll stick with a buy. While I agree that a significant shareholder selling down can put pressure on the s/p, the key question is whether you think this gives a chance to pick up the stock on the cheap. This particular shareholder runs a very concentrated portfolio and has done well out of ASH, so they might simply need the funds elsewhere. Its always possible that they know something others don't, but I doubt it as the stock has often declined ahead of a positive announcement and ASH mgt play their cards close to their chest. Either way, we should get a good steer on how things are tracking in the next 2 weeks when the FY dividend is announced.