prelim final statement, page-4

this is how i see it:

he was holding shares in trust for others.
he has transferred them to the beneficial owners for nil consideration, so i assume they paid for them to begin with or they are his family members.
he is looking to make more purchases as thisnow puts him comfotably under the 19.9% threshold before he is compelled to take the bloody thing over.

so it wasnt a sell down at all. directors do this all the time between family trusts, superannuation trusts, holdings under personal names etc. its all just shuffle.

i mean, someone he knows very well stumped up cash for those shares at some time and they still hold them. probably with his encouragement.


i couldnt believe they lost 1m in fx losses. i really hope thats just a paper loss ie they converted into pounds or HKD because thats where they will be spending them and when balancing the books, they had to take the fx movements as a loss.