Extended period of underperformance by ROC and nothing out of...

Extended period of underperformance by ROC and nothing out of Allan Gray.

ROC Board finally embarks on an initiative that results in a 20% SP appreciation, and Allan Gray pipes up to try to block the initiative. And with its relatively small holding, it looks like a futile exercise that only wastes money and diverts attention.

I'm sympathetic to the view that shareholders should have a say when a company is contemplating a greater-than-50% "dilution", but why not do the hard yards and take it up with the rule-maker (ASX), rather than handicapping a single company in which you have an investment?