g peat, page-2

The chance of GPG moving above 20% of SOH (i.e. mounting a takeover bid) is pretty remote. The reason is that GPG see their own expertise in the areas of finance, investment, banking and insurance, but not in technology.

Going above 20% on SOH legally means a takeover, and I don't think GPG see themselves as better managers for SOH than SOH's current management.

The same goes for the other GPG investments in technology companies, namely ESV and IHG.

Tower, being in the finance/insurance business, is a different story (and, also, Tower has the Kiwi connection).

Sorry if this disappoints.