Ann: Change in substantial holding from FOR, page-14

IHA bought 5mil inthe fire sale on 23rd and 24th April - rest is acquired through block sales from different funds who were heavily in red and for one reason or the other were keen to get this giant red blob off their books before the year end. I'm sure they would have contact Forager for their stake as well as I think they own 7% at the time. Whoever took the option to sell sold and the rest are betting to get a higher price if they wait (how long is anyones guess)

So Forager has bought more in anticipation of a takeover for sure.

More telling is the micro equity fund - these guys invest close to the spec end of the market and they have come in expecting a short to mid term takeover offer.

Judging by the shenanigans in the course of sell - wont be surprised another fund is trying to mop up whatever is there. They keep buying and selling to themselves until a retail drops 5k or 10k shares in there.

Impossible to predict the timing of offer. Could be tomorrow or could be end of the month.