Funds sell down positions for a whole raft of reasons. In castle...

Funds sell down positions for a whole raft of reasons. In castle points instance they had to take advantage of the liquidity and 20-30% gain. They have incurred significant losses over the past 12 months (-15%). Collin Street & Soul Pat remain steadfast on their positions. Similarly Glenmore has been a RFG bull and continues to be into the future.

Question for me is once the debt is refinanced how effective is management going to be in deploying capital on internal initiatives. Secondly how big will the international share of EBITDA grow to. If both of these variables are successful or there is positive blue sky ahead you could easily see 15-20c by year end.