Bell Potter valuation, page-47

I really do see too much posting about the magic trifecta bogeymen of

1) "Insto's"

2) Shorters

3) Some tinfoil hat ideas of some larger manipulation plan or something sinister etc.

FFS. The ANN was not received positively by the market and people sold and didn't like it simple as that. I've read the same above 3 dot points for YEARS. It was crap in 2013 and its crap in 2018 as a reason. 

The ANN is a positive if you look closely. But thats the point. People didn't want to look closely and perhaps many feel they shouldn't need to look closely. It was ultimately not a resounding thumping success. It was a very quiet success. This has also bled on to CHF3 looking more shakey than before.

And yes I'm aware of all the many ways the announcement was probably pretty good (hell I wrote the post on it for gods sake). But I had to research, read and dig deeper. Hence it was not immediately obvious that the ANN was good. 
In my experience great ANN's are self evidently great.

This one was not. This is why the price is down and not any of the above 3 bullet points.