I agree - very interesting and thoughtful analysis Kahuna. I was...

I agree - very interesting and thoughtful analysis Kahuna.

I was initially confused by your comment about Fidelity selling down - but having looked at it for the last 30 minutes - I agree that are probably totally correct. If so, it was more of a trade by them rather than a long term position. Maybe they have a core investment position, and trade around that. Who knows.

I had assumed that the annual report mention of them as significant shareholder reflected as the time of report preparation - but it clearly reflects the June 30th position - duh!!!. On Oct 5th - they went below 5% - and don't have to report further!

Do you have any broker or other feedback that would add some meat to this analysis of Fidelities actions.

Cheers and thanks TGN