Ann: Letter to Shareholders-KAR.AX, page-6

Hot-tuna
Something to consider.
It may be that the market perceives management to be poor, or thinks that the capital could be whittled away through poor investment decisions. However if you look at the Book value trend, and the cash that has been generated, they may not be poor management at all. It may be that two major holders are selling with more regard for technical factors than the fundamentals. With the AUD up against the USD recently, and further oil price weakness, I would suspect their book value will be further reduced from $3.36 or so. But from their accounts - they look to have done very well to me over the last decade and more, even as the SP has been in terrible downtrend for a long time now - which is the strong technical negative for many sensible traders.

Bought in straight after that comfort letter. Will see if a reminder to the market gets some attention.