whsp, page-8

Washington Soul are unlikely to do a full T/O but they do take long term strategic views of market segments as well as running a broad share portfolio. Brickworks did wonderfully for a while; then coal and then their own communications company. Now they're sensibly a year or two ahead and are selling out coal in the form of New Hope and asking a massive price.

They would have to rank as among the best strategists in Australia - far better than the well tailored slicks at Macquarie. This makes sense from their perspective. They rarely arrive early into a market, but seem to watch and then quietly build a position. After BHP's move into Potash this broad move into phosphate + potash makes sense on a 4-5 year view.

The Rum directors however, will not hand it over cheaply if at all but would be delighed to have Washngton Sol on board: not only deep pockets but honest and common sensical.