If your commenting and so touchy, your probably sitting on a share that has dropped by around 2 thirds, your judgement is poor to say the least. Whereas asset management companies have a strategy or they don't stay in business. Do you really think they buy a share that has dropped like this, then sit on it hoping it will come good in time? You say "Pretty good at it", that's laughable and downright inept in my opinion unless there is another plan which will most certainly involve the management in some way or other. 385mil is chicken feed compared to where the capitalisation should be with this shambles.
Maybe the play by Phoenix is something strategic by a company that knows how to manipulate assets. With a large enough holding they can exercise control of the board. They have doubtless had several meetings with the board and could suggested the company is taken private when the price is low enough, then be first in line to buy it. The directors get new shares in the new private outfit bought for a song.
Any number of asset stripping tricks, after all the clue is in the name, "Asset Management". they are not a charity after all.
Aren't Phoenix resurrection specialists? Is there a mechanism by which, if the company goes bust/underperforms they get the first chance to buy all the assets or remove and replace the directors for their own choices? A successful operation like that wouldn't invest so heavily without a plan B which may be the real intention.
So I'm not sure if to take comfort from their buying or not?