chicken man
a company needs a minimum spread of shareholders, with a marketable parcel - which is probably the 400 that you mention.....HOWEVER, once a company is listed, then the number can fall - maybe there is an absolute minimum - which could be mentioned somewhere in the asx listing rules.
have a look at the bcs 2012 annual report - that company only had 192 shareholders
3000 happy little gondwanamites, page-3
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