Ann: Quarterly Report and Appendix 5B, page-15

"can't see SP going up cause non- sophisticated Instos still selling"

Really ? Institutional buyers are definitely classified as sophisticated.

And with the supposed increase in Institutional investors on the WGO register you would think they would be jumping all over this if it is so cheap. But the volume remains low.

My feeling is the larger institutional players still see 30% holding by the two founders as a road block. It possibly prevents entry by some funds.

They seem to have a reasonable amount of cash left in the tin. However I feel they wouldn't want to go too far into WE-5 without a top up.

IMO