Agree, I suspect much of the action at the moment is people...

Agree, I suspect much of the action at the moment is people positioning parcels of their equity in their preferred entities and establishing new base prices etc, as I did myself some 12 months ago, in (premature) anticipation. I don't see anyone selling down in any major way and don't believe PMH's tightly held status is likely to change any time soon, probably it will become even more closely held.