Shroders, like me, have been holding since the Aromascan days, having heavily reinvested at the 1p rights issue. I fully agree with averaging up, what doesn't follow from such a large institution is that if they had planned to increase their holding further they didn't grab the oportunity in Oct. I still feel that they have become aware (officially or unofficially) of some positive news and/or another reason/necessity to increase their holding further at this time.
Bottom line, the only way is up!