Investors are well under water on its investment in RFG. But moving to just over 10% gives them a huge say in the event of a takeover offer and that is good news for retail shareholders as it will likely mean no low ball offer will be supported. The Invesco stake also means RFG management may get a bit of breathing space. They certainly need a bit of time to start the clean up and renewal phase.
It will be long time before any meaningful SP recovery takes place but there is a chance, whereas 4 weeks ago the outlook was grim.
The other factor in my flicker of optimism is that shorters are reducing positions markedly and that is a good thing.
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