Well I noticed that last dividend they fully reinvested via the...

Well I noticed that last dividend they fully reinvested via the DRP, which will gradually further increase their stake if they keep doing that - they obviously think they'd rather have more shares than cash, and complete takeover wouldn't be out of the question. That would surely have to be at close to NTA though, hence my point about low downside risk to SP in medium term unless there is some unforeseen event. In some ways having that big majority holder which also has boardroom and strategic control is good - they have a long term strategy and can stick to it without getting booted off. Its a bit like having a private unlisted company which the little guys can hitch a ride on.