Ann: Letter to Shareholders, page-18

The absence of substantial shareholder notices doesn't mean the shareholder isn't selling shares (or buying them) as long as they're within 1% of the previous notice.

If the share price rises we will all be happy. But I wouldn't like the timing of a share price recovery to be dictated by a single fund, although that seems to be what we're getting into.

Certainly, most of the board have presided over a time of huge loss of wealth to long term shareholders. Whether they could have done better in hindsight is perhaps something you should take up at the AGM if you're still holding then. Not having participated in the long decline in share price, I can take a more neutral attitude towards them, I suppose. But right now, they're not the ones who are making me nervous about continuing to hold.

I expect APAC will use the same tactics as we usually see from activist funds, maybe they will innovate a little? But they're not going to pay top dollar for a company if they don't need to.