Embark/NearCast, page-11

These guys have been in since IPO but weren't substantial then. Going by this notice, they bought enough stock to go sub on a 1.2m share line in Sept 16 (date typo?) at a price of 20cps. Just as wrong as most of the rest of us. Firstly, this shows their timing and views have been wrong and secondly their back office compliance is bad given this notice is 8 months late.

Another note, they are far from being leaders in high conviction investing. Benchmark unaware is not synonymous with high conviction. This stock is in the emerging companies fund, whereby the top 10 are an average of 3.5% of the fund each. This is not high conviction and there are plenty of funds out there that take much bigger positions.