Ann: Utilisation & Termination of Controlled Placement Agreement, page-17

Yeah makes absolute sense and probably mis-worded by saying SP target but moving to a HOLD for whatever reason clearly had a profound impact on the share price via Euroz clients selling (which is backed by the broker data). I think the timing of this (i.e. doing it in time frames that mean Euroz cannot remove certain discounts etc.) stunk though - why would you release it 2 weeks after production?

I'll dig up a copy of the report and post here. If you take the time to go through you will see how very conservative they are on 1) price 2) costs and 3) overriding discounts (discount rate, risk adjustment factor etc). All of this could have been avoided if they waited a little longer - hence questioning the timing.