Ann: Becoming a substantial holder, page-3

"Not that it means much, but a 9m$ investment (at cost, average price 1.41$) for a fund with a NAV of only 123m$ (of which 25% reportedly in cash) does denote a degree of conviction."

@Transversal,

I'm not too familiar with the folk at Samuel Terry AM, but you are right: to allocate 10% of one's invested capital to one stock does reflect a high degree of conviction.

Trouble is, I'm not sure how one can possibly have a high degree of conviction in a business which is not really a business yet, and about which some uncertainty exists as to whether it will one day become a business.