Ann: Change in substantial holding, page-26

I'm not sure this who participated in the CR have short term intentions to be honest. So much demand for the raise that the company would have likely been able to pick and choose who they thought would have longer term intentions.

I like the point you made about Regal showing their hand. They've done a lot more than just the change in substantial holder notices though, they've advertised this as a high conviction play. They obviously intend for this to be not only a highly profitable trade, but also a promotional activity to encourage more people to invest in their fund. They wouldn't be talking it up so much if they weren't 99% confident it would be a multi bagger for them, as they know existing and future clients will be closely watching how they go on this call. Obviously the market is not always a certain thing, but if you talk to any good fund manager they'll tell you that every now and then they'll come across a stock which is in their mind, a guaranteed play. I'm guessing WA1 is that "guaranteed play" for the guys at Regal