Ann: Change in substantial holding, page-9

I haven't read it in detail yet but essentially they talk about print and radio are dying breeds globally, NZM shifting to digital, print revenue will eventually disappear, radio having some success, the two classified businesses are far more interesting long term. Classifieds could be worth 3 times where we are at now, and add in whatever you think is reasonable for print and radio. Downside is if classifieds don't work out, and print and radio continue to slide, then we are not left with much. Trade Me sale offers good comparison for valuation.

Ok, actually just read it much more thoroughly while coming up with that answer