A fairly non-controversial document except for there being...

A fairly non-controversial document except for there being little thought having gone into it. Quite probably however this is not the statement for there to be too much thought, but NTL, it is a statement which should have been reviewed carefully before then being lodged. Cut & paste exercises therefore do not necessarily infer confidence. Refer, for example, 2.4.

Referring to 2.4:
1.  JCC is the 2nd largest shareholder, not TAU.
2.  Hackett was not chair of JCC. Rather, Elizabeth Hackett is the chair.
3.  Hackett resigned as a director of JCC on 24/8/18 so is no longer associated with JCC from a directorial perspective. Hackett continues however to chair TAU.

That said, Hackett's resignation letter to JCC is to be commended for how he approach his JCC resignation and the supporting reasons given. The thought out observations, portion of which are extracted, below, are to be commended:
.....
"........ Both of these entities are undertaking significant new or expanding projects, which will require my particular attention for several months. Jimmy Crow Limited (JCC) is a substantial Shareholder in AHF and in my position as Chairman of AHF, I am in a position of being privy to potentially price sensitive information regarding AHF which may have governance issues in my role as a director of JCC.

The investment in AHF is a material asset of JCC acquired on the demerger of JCC from TAU, although it is an investment which is not a core asset related to JCC’s tourism and property business activities.

The Board of JCC needs to be in a position to make decisions about the company’s investment in AHF, and I therefore need to remove myself from any discussions relating to that investment. I also need to be careful not to cross regulatory boundaries and to be seen to do so."
  
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Below is the 2018 Top 20(there have been some changes from 2017):

	Column 1	Column 2	Column 3
0	2018 TOP 20	2018 SHARES	2018%
1	IRONBARK-VEST PTY LTD	37,037,037	15.07
2	JIMMY CROW LIMITED	15,194,507	6.18
3	PETER JOHN SKENE & LYNNE NICOLE SKENE	7,000,000	2.85
4	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	5,874,215	2.39
5	MR PETER JOHN SKENE & MRS LYNNE NICOLE SKENE	4,640,000	1.89
6	FIDUCIARY NOMINEES PTY LTD	4,590,156	1.87
7	MR JUNLONG LIANG	3,855,000	1.57
8	CITICORP NOMINEES PTY LIMITED	3,661,585	1.49
9	MR YI LOU	2,800,000	1.14
10	VITAMIN WAREHOUSE AUSTRALIA PTY LTD	2,537,125	1.03
11	COSTINE PTY LTD	2,256,903	0.92
12	MR BINBIN ZHANG	2,221,862	0.9
13	MR ZHONGDE ZHAO	2,000,000	0.81
14	Michael Janssen and Scott Janssen	1,610,000	0.66
15	MR CHONG CHE WONG	1,600,000	0.65
16	FANG YIN SUPER PTY LTD	1,579,620	0.64
17	SONGS INVESTMENTS (AUST) PTY LTD	1,500,000	0.61
18	STANLEY BORD INVESTMENTS PTY LTD	1,316,791	0.54
19	ASHLAW PTY LIMITED	1,250,000	0.51
20	RATHVALE PTY LIMITED	1,205,500	0.49
21	Top Twenty Securityholdings	103,730,301	42.2

Below is the 2017 for comparison:

	Column 1	Column 2	Column 3
0	2017 TOP 20	2017 SHARES	2017%
1	Jimmy Crow Limited	15,194,507	7.69
2	Jimmy Thomas and Ivy Ponniah	9,200,866	4.66
3	HSBC Custody Nominees	5,937,300	3
4	Fiduciary Nominees Pty Ltd	4,590,156	2.32
5	Citicorp Nominees Pty Limited	3,601,263	1.82
6	Xuelin Xie	2,898,018	1.47
7	Zhongde Zhao	2,750,000	1.39
8	Vitamin Warehouse Australia Pty Ltd	2,537,125	1.28
9	Maree Makrillos	2,377,542	1.2
10	Fang Yin Super Pty Ltd	1,918,182	0.97
11	Wenqing Fan	1,778,391	0.9
12	Xinguang Wang and Jun Yin	1,625,230	0.82
13	Michael Janssen and Scott Janssen	1,610,000	0.81
14	Costine Pty Ltd	1,580,289	0.8
15	Songs Investment (Aust) Pty Ltd	1,500,000	0.76
16	Irene Makrillos	1,493,103	0.76
17	Citicorp Nominees Pty Ltd	1,228,348	0.62
18	Muhlbauer Investments Pty Ltd	1,190,141	0.6
19	Bay Optical Company Pty Ltd	1,400,000	0.58
20	Peter Mulally	1,120,000	0.57
21	Top Twenty Securityholdings	65,270,461	33.03

Below is the binary connection to both years:

	Column 1	Column 2	Column 3	Column 4
0	2018 TOP 20	2017	2018	Comment
1	IRONBARK-VEST PTY LTD	N	Y	New
2	JIMMY CROW LIMITED	Y	Y	Unchanged
3	PETER JOHN SKENE & LYNNE NICOLE SKENE	N	Y	New - loan shares
4	HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED	Y	Y	Down c60,000. Swap?
5	MR PETER JOHN SKENE & MRS LYNNE NICOLE SKENE	N	Y	New - Awards + bonus. Small buying.
6	FIDUCIARY NOMINEES PTY LTD	Y	Y	Unchanged
7	MR JUNLONG LIANG	N	Y	New. Liang He?
8	CITICORP NOMINEES PTY LIMITED	Y	Y	up c60,000. Swap?
9	MR YI LOU	N	Y	New. Up c1.7M@17 t/hold
10	VITAMIN WAREHOUSE AUSTRALIA PTY LTD	Y	Y	Unchanged
11	COSTINE PTY LTD	Y	Y	up c670,000
12	MR BINBIN ZHANG	N	Y	New. Up c1.1M@17 t/hold
13	MR ZHONGDE ZHAO	N	Y	New. Up c0.9M@17 t/hold
14	Michael Janssen and Scott Janssen	Y	Y	Unchanged
15	MR CHONG CHE WONG	N	Y	New. Up c0.5M@17 t/hold
16	FANG YIN SUPER PTY LTD	N	Y	New. Up c0.5M@17 t/hold
17	SONGS INVESTMENTS (AUST) PTY LTD	Y	Y	Unchanged
18	STANLEY BORD INVESTMENTS PTY LTD	N	Y	New. Up c0.2M@17 t/hold
19	ASHLAW PTY LIMITED	N	Y	New. Up c0.15M@17 t/hold
20	RATHVALE PTY LIMITED	N	Y	New. Up c0.1M@17 t/hold
21	Jimmy Thomas and Ivy Ponniah	Y	N	Gone. Down >8.0M@18 c/off
22	Xuelin Xie	Y	N	Gone. Down >1.7M@18 c/off
23	Zhongde Zhao	Y	N	Gone. Down >1.55M@18 c/off
24	Maree Makrillos	Y	N	Gone. Down >1.2M@18 c/off
25	Fang Yin Super Pty Ltd	Y	N	Gone. Down c0.7M@18 c/off
26	Wenqing Fan	Y	N	Gone. Down c0.6M@18 c/off
27	Xinguang Wang and Jun Yin	Y	N	Gone. Down c0.4M@18 c/off
28	Irene Makrillos	Y	N	Gone. Down c0.3M@18 c/off
29	Citicorp Nominees Pty Ltd	Y	N	Gone. Down c0.1M@18 c/off
30	Muhlbauer Investments Pty Ltd	Y	N	Gone. (O/w below 18 t/hold
31	Bay Optical Company Pty Ltd	Y	N	Gone. (O/w below 18 t/hold
32	Peter Mulally	Y	N	Gone. (O/w below 18 t/hold