Ann: Change in substantial holding, page-4

With Spheria at well over 10% holding a compulsory acquisition on a takeover will mean the bidders will need to convince Spheria that the price is fair and includes a change of control premium.

Even a Scheme of Arrangement would be difficult without Spheria's blessing.

So I see this large holding as good news for long standing shareholders despite the Boards best intention to screw us over by suspending dividends when it is not necessary.

The only decent shareholding on the Board is Ian Audsley with about 600k shares. He doesn't care because he has a +$1m annual salary plus bonus package, so an extra 20c on his holding is worth about 6 weeks pay.

Time for shareholders large and small to agitate.