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Hi Cabe

Top 20 held 90% June 30 2018 is true enough. What we don't know is what turnover there has been in top 20 since then. Only substantial holders with >5% have to disclose tot he market, and even then they can be woefully late with disclosure. Still your right to think that this latest shakedown in December and the shares being soaked up since, and in good volume, will see the share register tighten further. My guess is that many placement holders form the Dec 2017 to buy Ranobe at 25.5c were under water for most of 12 months and happy enough to finally get out with a profit recently.

Given that over these last 12 months, BSE has made a heap of cash and is now debt free, mineral sand prices have lifted substantially with predictions of strong LT prices, and the Ranobe deposit keeps getting bigger with a PFS due out this Qtr that some of those sellers might have seller's remorse looking back on their decision. Very much looking forward to seeing the PFS figures soon.

Cheers