orbis, page-7

Deansy

Investment managers such as Orbis are generally restricted by their clients in terms of the percentage ownership in companies (e.g. 20%). Also, investment managers are generally not in the game of taking over companies. Thus, can't see Orbis going past 19.9%.

So what might this this mean for prices:
1. If Orbis wants out at some point, then they would probably look to exit via a strategic investor (e.g. another REIT, other investor). Selling over time would cap any price rise and obviously put massive downward pressure on the sp...very hard to discretely move 20% of VPG!
2. If another investor wants in (including takeover), then 20% puts Orbis at the bargaining table, and hopefully for the benefit of all holders

It also worth mentioning that from time to time we may see fluctuations in Orbis's holding as they win or lose institutional mandates.

Cheers
PViews