Ann: Change in Substantial Holding, page-15

Deutsche Balaton is a highly diversified investment company, I don’t think they’d be interested in taking Azure private

They’ve recently taken similarly sized stakes in other Oz mineral companies. I assume they see value in the sector and/or fx trajectory, or some such thing

If the Kraut’s on-market buying stops our share price from falling, I’m happy. If they are commited holders with sticky fingers, I’m happy.