You make a valid point. I believe this is happening with AAC,...

You make a valid point. I believe this is happening with AAC, Australia's largest rural farm land owner with major shareholder billionaire Joe Lewis doing everything he can to keep the share price down and keep low profile, his shares % creeps up year after year, while SP goes down year after year.

For the people who say that's not true because they participate in each round of CR, that's nonsense, these are billionaires we're talking about, they don't think about money in terms in terms of the way we do, they want control, there's a strategic angle to be played in addition to financial return. And of course they will participate in every round of CR to further dilute other shareholders, for someone who wants control, the lower the SP the better for them.

Having said this, I this is unlikely happening with FLC due to the new CEO, because 1) Unlike AAC, with every CEO being a puppet appointed by Joe Lewis, this new CEO from what I read from your guys' posts is involved from day 1 from 10 years ago and genuinely wants the company to succeed and 2) he has NOT been buying additional shares, which is good indication that he's not accumulating shares at lower prices for Lauder (which I think is what's happening at AAC) for the purpose of delisting.

Anyway I like your thinking, and its good to keep a close on eye on Lauder, its always risky having a billionaire as the major shareholder, like you said they don't get played.