half year preview, page-7

Hi Ink

Who do you think owns Sierra Gold P/L and Yarri Mining P/L?

The Directors only hold a few shares directly in their names and the rest are held by one of their related private companies. Such as:

Trans Global Capital Pty Ltd
Sierra Gold Pty Ltd
Yarri Mining Pty Ltd
Onslow Resources Pty Ltd
Regal Resources Ltd
Resources Capital Ltd
Lake Grace Exploration NL
AXG Mining Ltd
Palace Resources Ltd
Vector Resources Ltd
Padang Resources Ltd

The Director's holdings are listed in the annual reports. They must declare both their direct and indirect holdings. Most of the Director's holdings are indirect through one or more companies they are related too. For your info the current holdings are:

Demis 26.5m RND and 13m TBR
Billis 33.9m RND and 21.7m TBR
Sklenka 26.5m RND and 13m TBR

As you can see, the number of RND shares indirectly held by the directors is more than the total issued by RND. This occurs due to double accounting caused by situations like this:

RND owns 23.7% of TBR, and
TBR owns 43.85% of RND.

Very incestuous arrangements all over the place!

Cheers