Ann: Change of Director's Interest Notice, page-4

I cannot give you facts because your facts are correct but I believe that its a combination of many things:

Transformation - that means many assets that others were happy with no longer exist as part of the group. Some may see this process not as a change of direction but a bad direction.

To support this the share buyback has been in place since 2011 and even with all the buybacks many still sell into it and the mop-up is not as yet at a level where sellers dont outweigh the process.

There was a hiccup in the transformation and many have a long memory.

My favourite is that whilst many of my stocks hit new highs this share plums close to yearly lows - I think people just get impatient and move on. Well that presents its own opportunities which directors and others seem happy to buy into.

I see this as a buying opportunity.