Ann: Substantial holding disclosure, page-19

I agree Viney.

Being "made aware" is shocking. It goes with what someone mentioned earlier about Talley's being too sharp for their own good. What I would like to know is how the BRL board suddenly became "aware" that there was a fox in the hen house. Clearly more than 1 arm of Talley's bought into this 11%, to avoid disclosure. It also speaks of Talley's confidence in BRL management if such an important move was done without BRL management knowledge.

The market action was quite bothersome too. If Talley's buying 11% of the company is so great, Mr Market's yawn was a resounding verdict. Hardly any volumes to boot.

In a way, the logical buyer of BRL is a Kiwi entity, so by default, it would be Talley's. FWIW, I continue to believe this is an opportunistic buy by Talley's and not strategic.