Here's the top 20 from the Dec 13 Annual Report in April....

Here's the top 20 from the Dec 13 Annual Report in April. Remember this was before the Cap Raise.

Acorn Capital is substantial since July with 46.5m shares 11%

Catcha Group Pte Ltd 88,924,936 24.75%
Rebate Networks GMGH 54,938,821 15.29%
Middle Kingdom Capital Group 44,221,698 12.31%
National Nominees Ltd 21,870,644 6.09%
HSBC Custody Nominees (Australia) Ltd 18,530,631 5.16%
Patrick Linden 13,759,115 3.83%
Jan Peter Croeni 12,668,801 3.53%
Tiga Trading Pty Ltd 8,333,333 2.32%
J P Morgan Nominees Australia Pty Ltd 7,993,985 2.22%
Brispot Nominees Pty Ltd 6,208,662 1.73%
RBC Investor Services Australia Nominees Pty Ltd 5,897,037 1.64%
UBS Nominees Pty Ltd 5,329,570 1.48%
BNP Paribas Noms Pty Ltd 5,096,924 1.42%
National Nominees Ltd (MCMIT215904-28) 3,645,833 1.01%
RBM Nominees Pty Ltd 3,545,462 0.99%
HSBC Custody Nominees (Australia) Ltd (NT-Comnwlth Super Corp A/C) 3,300,434 0.92%
Citicorp Nominees Pty Ltd (Colonial First State Inv A/C) 2,568,379 0.71%
Citicorp Nominees Pty Ltd 2,426,002 0.68%
ABN Amro Clearing Sydney Nominees Pty Ltd 2,185,378 0.61%
Khuda Investments Pty Ltd 1,822,916 0.51%

Total 313,268,561 shares holding 87.20%

I'm curious as to who is behind the selling but of more consequence will be how the business is travelling. Page 16 of the Investor presentation on Sept 15 looked pretty good with the first half of 2014 out performing the full 2013 year. However the comparison to me is almost meaningless given the pro forma nature of 2013.

Most of us brought IBY for the blue sky opportunity and we are waiting impaticiently for that to materialise in a market that is very pessimistic. Looking at the big picture we are about 25% below the traded price after the float and the company did well to raise more cash at 0.45 cents. Having said that, Pump raises some good points and it's always good to hear the counter argument.