Strategic Equity seem convinced - they've now bought another 1.46m shares (another 3.38%) and have quickly built up a large stake. I'm looking forward to a trading statement at this rate:
"Watermark Group plc was notified on 14 December 2005, that Strategic Equity
Capital plc has a notifiable interest of 2,935,000 ordinary 1p shares in the
Company, which represents 6.82% of the Company's issued ordinary share capital.
The shares are held in the name of HSBC Global Custody Nominees Ltd. The current number of ordinary shares in issue is 43,017,972."