Wilson has had plenty of time to think about strategy. When they...

Wilson has had plenty of time to think about strategy. When they get to 19.9% and are not buying, I will take any opportunity to buy on an increasing discount to NTA. Awaiting the off market buyback at NTA. When you acquire a holding the size of Wilson, there is always and end game. I have ruled out a takeover, and think Wilson gaining management rights (as they did with Century Australia) is unlikely. I keep coming back to an off market buyback.

Expect a widening discount if Wilson sits at 19.9%.