Ann: Ceasing to be a substantial holder, page-48

This just confirms what I wrote before (after speaking to ISD). Adam Smith used to manage shares on behalf of a group, probably a superannuation group. Many super funds are now managing funds in house (to save on fees) and so are taking ownership of these shares directly. That is all that has happened and has now been confirmed by seeing similar announcements for other Adam Smith holdings.

Adam Smith is the loser as they lose the management fees. Hard to say what the new managers will do with these holdings handed back to them. Who knows they could buy more after they review all the their new holdings.