Exactally as how i see it Paper tiger. Just below 5% they can sit for years and tell no one if they want.
My guess is that they bought these shares just after the TUI downgrade as at that point the market got the spooks about NZO and shareholders were dropping at any price. Schrewd move on their part to go against the crowd. Good on them.Now in hindsight some will complain but then you could have done it yourself.