Ann: Ceasing to be a substantial holder, page-104

"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."

I'm going to take a guess and say they are selling the 7.33M. Looks about right based on last few days volume. Getting close to end of sale, hopefully.

It would not have been worth it for the new fund to spend research time on a relatively small holding (I'm sure it was big when Adam Smith purchased for them!). Also it is now kicked out of All Ords which may also been a trigger and they would not have planned for that exit given it was only just returned to them.

I can't see any other reason for a large holder to be selling out at this time. Nothing new in the H1 report.