@ozblue No problem! Agreed - I don't believe the WA1 directors'...

@ozblue No problem! Agreed - I don't believe the WA1 directors' position is disproportional to other companies in the index, whose free-float adjusted market cap should have a similar discount.

Three main points of uncertainty I have are: A. Tali (13.7%), B. Regal (10.7%), C. Datt personal (4.3%). My interpretation of the long-term strategic shareholders criteria in the S&P methodology document is that none of these would currently count as a long-term strategic holding, e.g. I don't think criterion 1. applies to Tali, as it specifies "related individuals" rather than "related entities", I don't think criterion 4. applies to Regal as the shares are held by investment vehicles, not by RFM itself, and criterion 10. shouldn't currently apply to Datt as he is marginally below the 5% threshold (I wouldn't be surprised if this was by design - he's a smart cookie). Iirc, the last lock-up period expired in February, and so restricted shares shouldn't be a factor. I'm not certain on any of this.