new institutional substantial shareholder (5%), page-8

Well binbin beat me to it, but could you back up your claims by posting the companies that Republic has invested in in the past along with the rates of returns on those investments?

Republic is not a 'new' investor in Elk having bought into the company in 2011 and only going over the 5% level recently so it hardly a 'new' investor.

Furthermore Healy does not own 25% of ELK. There are two different investors with the name of Healy. One owns about 20% and the other owns 5%.