With noting that Macquarie have held firm through this down...

With noting that Macquarie have held firm through this down cycle. There has been plenty of opportunity for them to reduce their holding, but they must either be comfortable with what they are seeing, or think the potential reward is worth the risk of holding.

Was actually half expecting a change of substantial shareholder notice a few days after the big selldown day a week or so ago, but none has been forthcoming.