No. It's the fact they've come cap in hand when it wasn't due or forecasted without having anything to show for the previous raises. If it was only for sophs the sell down would have been more violent.
Therefore without results you need to take on trust, but trust is eroded by their actions. I'm actually happy to sell as the tax bill is coming and I needed to make the tough choice to sell down some winners. Not anymore.
Ann: Proposed issue of Securities - LPD, page-14
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