Ann: Change in substantial holding, page-2

Allan Gray has been buying for quite some time now.

They've purchased just over 10m shares since May at an average price of $1.083

They obviously think there is some longer term value here - but keep in mind they look at the longer term 5 year picture. They love it when share prices are smashed, and they feed on cheap stocks that are unloved. Being a fund manager, they are fully aware that turnaround stories take time.

There is defintely some intrinsic value in Southern Cross, provided management sticks to target, costs are continued to be reduced, and the radio/media laws are relaxed a little.

SXL could very well be a takeover target or merge with another business.