profit upgrade, page-66

Just a snippet from the Pie Funds Newsletter. Makes sense IMO due to their large stake.

You have to sell when the ducks are quacking.
This is due to liquidity. Generally
we have large positions and in order to sell out
we need big buyers. That’s why, in a text book
scenario we choose to sell when the company
has momentum and leave some on the table
for the next guy. In the case of AZV, the majority
of the position was sold at 27-29c. We have kept
some as we think the stock is worth 36c and
possibly 40c in a takeover.