Ann: Change in substantial holding from FOR, page-3

Another positive reinforcement of FIG by Forager.....
putting their money where their mouth is?

As I see it, the sell down seems to have been extremely overdone and seems to be based on two aspects:

- the MD sold down 3.75% of issued share capital last year, yet still owns 13.3%, for which escrow was extended to Sept this year. He has also stated that he is a long term shareholder. He clearly still has plenty of skin in the game.

- the subsequent 1/2 yearly profit downgrade was due to an issue with leads. The company has said that sales are now back on track, so the issue with leads was clearly temporary.

Time will tell as it always does as to whether this sell done has in fact been extremely overdone. It has been in relation to Bell Potter’s valuation of $1.06.