Part of our hotel property sale reinvestment went into Intercontinental Hotels Plc. It was one of our KEY investments for two reasons: 1. It is the world's biggest hotel group and one of the best, as has been our experience in the past two years, with increasing profits and substantial dividend payments. It continues to grow its business with some 1200 new hotels in its growth pipeline. 2. As an English company with its base in Windsor, now transferred to Denham, it was bound to attract predators from overseas as do so many of our great companies. Sure enough a few evenings ago an American Hedge Fund turned up as a major shareholder with a scheme which will transform IHG but not I think for the best and the end product will probably see another UK group lose its independence. The eventual home of IHG is unknown but a good guess could be a Chinese or Middle Eastern buyer. For us it will be an anticipated substantial profit on one of our KEY investments but for now we just have to wait and see!