Ann: Successful completion of institutional component, page-19

Looking at the Investor Pack and the underlying data in other announcements I might offer it is very different from the "same lot" and a different strategy and a clean of their go-to-market approach...and something not often seen so clearly in many other firms is a recognition of their time-frames, their acceptance of their risks and the LTI threshold alignment to shareholders.

BAL is a different company to its past and needs to be reviewed on what it has committed to do and how it performs against that rather than hanging on to the past.

Still think the share price is too high right now though, that will change when the puppy-like excitement dies down.