Just thinking aloud here. Mr Phillipus was appointed to the ATI...

Just thinking aloud here.

Mr Phillipus was appointed to the ATI board on 18/11/2010, so one would think that he's up to speed with in ins and outs of ATI.

Now, Phillipus is also a senior executive of the Salim Group of companies and CFO of PT Indosiar Karya Media Tbk. Droxford, which is owned by the Sailm group, picked up a further 5,333,333 at $1.20 in the recent cap raising. This brought Droxford's holding in ATI to 19.9%,(takeover rules apply at 20% threshold) so to enable them to pick up an additional 1,125,000 shares (and remain under 20% holdings) MM will need to take-up his placement.

Surely if there was something seriously wrong with ATI, we wouldn't expect to see Droxford throwing good money after bad!