:) Its not called SAP for nothing: every company that implements...

Its not called SAP for nothing: every company that implements it is sapped!  Still, in the long run, the system does deliver, so hopefully its implementation in Qld will salve its introduction elsewhere in the company.

Thought bubble: easiest way WOW/Coles to get into the pharmacy business is to buy out an existing chain.  They did it with liquor and petrol.  Wesfarmers did it with Bunnings.  WOW's experience at trying to introduce a new brand (Masters) has been frustrating.

API have not had any Substantial Holding notices lodged against them for some time, so the buying is not focussed but spread across the smaller shareholdings.  This is good in that it reinforces the SP's floor, but it does tend to suggest there is no t/o in the wings.  Of course, the caveat is that buying is not by proxies in the name of a main player.  If this were the case, however, there would need to be a number of proxies and you'd expect there to be a leak at some time.

As usual, the Top Twenty Shareholders (last annual report) are dominated by proxy accounts (see below).  It wouldn't take much for a suitor to strike deals with 3 or 4 of them to get up to a 20% holding before launching a t/o.  Soul Pattinson would, of course, have to agree if that t/o were to succeed.  Given they are an investment house they would have to consider it if a reasonable deal was placed before them.

Washington H Soul Pattinson and Company Limited   24.63%
SL Nominees Pty Ltd   9.16%
HSBC Custody Nominees (Australia) Limited  6.11%
J P Morgan Nominees Australia Limited 5.96%
Citicorp Nominees Pty Limited  5.49%
RBC Investor Services Aust. Nominees Pty Limited (BKCUST A/c)  3.51%
Dancetown Pty Limited  2.74%
National Nominees Limited  2.19%
Prudential Nominees Pty Ltd 2.05%
3rd Wave Investors Limited  1.64%
National Exchange Pty Ltd  1.13%
Investment Custodial Limited(990038243 A/c)  0.61%
BNP Paribas Noms Pty Ltd (DRP)  0.58%
Brispot Nominees Pty Ltd (House Head Nominee No 1 A/c) 0.54%
Bell Potter Nominees Limited (BB Nominees A/c)  0.44%
Mercantile Investment Company Limited  0.36%
Mr Frederick Benjamin Warmbrand (FB & LI Warmbrand Super A/c)  0.33%
QIC Limited 0.33%
Mr Raymond Francis Frew & Mrs Gillian Margaret Frew  0.32%
Warbont Nominees Pty Ltd (Accumulation Entrepot A/c)  0.23%
TOTAL OF TOP TWENTY: 68.35%​

*As shown on the register, beneficial holdings may differ