Determined buyer in the market today, page-8

Based on Pitt's previous history it is not his style to launch a takeover. If that was his desire he & Will Hodgson of Ariki Investments with over 31% between them could effectively control this company now. Pitt has great respect for the guys running Peel. I think he is happy to be just a shareholder. BUT has built a large stake IMO primarily due to recognising the potential of what Peel have found. Secondly he knows that if a bid were to be launched the best way to extract maximum value is by being in a position to play the role of kingmaker.

I did wonder if todays large parcel may have been bought by Will Hodgson. Sitting on 11.48% he has plenty of scope to add to his position. Doing so would make it that much more difficult for anyone to buy control of Peel without dealing with Pitt & himself.

Interestingly the large parcel that went through today of 1,189,200 shares represents 0.65% of scrip on issue. If that were added to Pitts existing position of 19.3% then that would put him at 19.95%. Or just slightly under the 19.9% threshold. If we soon see another substantial disclosure notice from either Pitt, Hodgson or SBM then this is going to get real interesting.