Molycop sold for $1.23b, page-43

If you recall, Allan Gray's reason for quitting ARI was a perceived lack of transparency as to what the Board was up to. AG had lost confidence in the Board and the lack of communication between it and its largest shareholder. AG is a contrarian investor looking to perform better than the ASX 3oo by investing in companies that are 'flying under the radar'. I got out when AG departed. It was certainly a wake up call. What a sad, sad situation for ARI shareholders and AG investors.

While large instos can outvote small investors at AGMs it will continue to happen. And yet small investors might have a much better feel for the company's fortunes because they have real skin in the game and keep a close watch on developments.