Ann: Acquisition of St Andrew's Insurance and Trading Update, page-24

Looking at the see-saw trading amid low volume in recent few days, it looks that accumulation is still in play post most recent newsflow. Perhaps a few more attempts to step up the sell side pressure and then push down through the .45 level to see if it triggers any stop outs. Otherwise capitulation and start buying on the way up.

Those going long now have a line in the sand in terms of FY18 full year guidance from last week, and therefore sitting tight with little reason to either buy or sell until next round of newsflow (likely to be post end of FY), especially given it is still undervalued against medium/long term metrics.

74m (= one third of all shares avail) has been turned over 6 months on since 2 Nov, so one'd interested to see if any remaining escrow holders who're look to exit would/could have exited by now, bar 32m still held by Cohen. So far it appears Forager (26m shares) and Discovery (13m) are going long at least for now.