Ann: Change in substantial holding , page-3

There has been a change in my holding, I'm now out for the following reasons:-

1. Pimco acceptances have been very slow up until now and I suspect that the offer period could be extended. I'm not prepared to wait any longer to receive payment.

2. I'm worn down with the short selling which is IMO preventing the on market sales from achieving closer to the offer and this does not look like abating.

3. The longer this goes on for and the lower the markets sink then the greater the chances of Pimco deciding to withdraw the offer on the basis that they may now be paying too much. Although this risk may be small I'm no longer prepared to take it.

4. The current market conditions make it very unlikely IMO that there will be an increase in the offer amount so little point in hanging on.

ANZ