Suspect one of the issues in the short term is that Spheria is pretty close to the 15% shareholding ceiling and soon would have to stop buying even if they are convinced PRT is still undervalued at these prices.
There is still a lot of uncertainty in the market about PRT given the rights deal with SWM expires in June 2019 and negotiations would be taking place soon (suspect during 1H19).
Ann: Change in substantial holding, page-3
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