Ann: Change in substantial holding, page-29

Any reason to suspect Arbiter (in either of its holdings) might be selling Miningnut?

I would have thought they were here for more than the run from 30 to 40 cents, especially since they started buying at 75 cents last year and probably have an average around 40 by my rough look at the holding notices.

My thinking is that if they were a deep value investor then presumably they see MML valued at least 75 cents.