What I noticed in the AR is that over the past year the total number of shareholders has decreased, while the % holdings of the Top Twenty has increased.
That = consolidation in my books. Still holding out for the eventual re-rate. There has been a bull/bear tussle going on for some time now, and a couple of false starts, I'm expecting there will be a trigger for the next sustained run. Maybe it will come off the back of the news re: US$10m being transferred into the JV?
Ann: 2016 Annual Report & Corporate Governance Statement-CNX.AX, page-7
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