Hi DeanI have a copy of the top 20 as at 10 Jan 2012 and have...

Hi Dean

I have a copy of the top 20 as at 10 Jan 2012 and have compared this to the new one provided by the company today.

The top 20 in percentage terms has dropped from 56.84% to 55.16% (down from 63.13%) as at 12 Sept 2011 in the Annual Report.

Most of the top twenty seem to have taken up some of their rights (but slipped in percentage terms), while 6 did not take up rights (including Peter Vanderspuy - which was a surprise given he has been activly buying over the past few years). Directors took up all of their entitlements - as flagged to the market and have therefore these holdings held up in percentage terms).

The big movers up in units/percentage were National Nominees and Citicorp Nominees. Significant movements down were Merrill Lynch (BoA?) and MLEQ Nominees (which may have just been transferred to National Nominees?).

The total number of shareholders are up, so one could assume that more mum and dad investors have been jumping onto the register as the share price has dropped.

My take home from all this, is that there has been a significant sell-off by the institutions between 12 Sept 2011 and 10 Jan 2012, but the slide has tapered off over the past month as the share price has picked up from the low of 7.9cents.

The significant shareholder notices released over the next few days should help complete the picture.

If anyone can provide any clarity around the shareholders behind the National Nominees, Citicorp Nominees or MLEQ Nominees holdings could you please let us know.

Thanks

Gus