Ann: Becoming a substantial holder , page-5

And to think that every 1 cent gain above their entry price nets them a cool $230K. Or looking it another way, if they averaged in at 10 cents per share then today's gain of 2.5 cents is equal to a 25% pre tax gain on their investment. Of course they can not just sell out any time in one go because that would destroy the share price. But if they can do it over a few months after the share price has run to 30-40 cents then they have really made a substantial gain, particularly because the gains in the superfund are either taxed at 15% or nil (when drawing a pension over the age of 60). This major shareholder knows how to make money.

loki