Ann: Change in substantial holding, page-41

M&G was a strong supporter of MSB, but we have to remember that MSB has been languishing in their recovery fund for around a decade or so now. It is (was?) also the third largest holding in that fund so will materially impact fund earnings. Most of the management team of that fund have moved on, only Michael S remains.

Those who know and have dealt with M&G know that they are a long term investor and highly supportive of their investee companies. But when they reach a point where they decide to exit, they act very decisively. I fear that is what we are seeing now.

Not only is there selling pressure, MSB desperately needs M&G to cornerstone their next raise.