Ann: Changes to Board and Management, page-59

That was a thought, but also Hosking has only ever put money in when it comes way below market value although i doubt he will be able to get that now that he’s passed under 20% and passed the #1 spot off to mr ikea - it also took alot of paperwork for him to be able to get up over 19.9% so i doubt he would have given that up - if he was prepared to put money in i’d assume he wouldn’t have given up that position. I’d go with he just saw an out for his money and took it - volume is so light and with a very experimental / discovery assett it’s highly unlikely he’d ever be able to get the volume to out that with ease and market would likely bomb if he had to release and was selling into it - the only out really is a off market sale - i’d assume his sale to mr ikea of just under 50% of his equity ( whilst well below what i assume he had hoped for ?)would be just about all he put in so just free carry left. Alot have come in and out of that top spot over the years maybe mr ikea will luck it ? He was certainly patient with ikea - but i guess he sees a good punt with around 8% of what he took from ikea sale. Will be interesting to see how this money plays out - 4c monday or tuesday & assume enough cash out to end of june / july if spending had remained the same ?