According to yesterday's after market release, 3,559,447 shares...

According to yesterday's after market release, 3,559,447 shares belonging to Choiselat were affected.

The total Choiselat holdings in JMB according to the 2007 Annual Report = 5,951,123 roughly split as to:
* Beconwood Securities = 1,559,447;
* Beconwood Superannuation = 3,937,642;
* Other interests (split amongst a number of related family /entities) = remainder (454,034).

The Securities number is quite important because of the exactness of the holding ******447.

The number of affected securities were *******447.

This suggests that 100% of the Beconwood Securities were affected, and upwards of 2,000,000 other securities, most of which, would have been via Beconwood Superannuation.

Today's trading volume of 6.15M, however, was well in excess of the affected number of shares.

Of that number, 5,979,929 shares were traded @58c, including 1,765,270 crossed after market close.

58c arguably represented the Receiver's price line.

According to the 2007 Annual Report, only 7 parties held greater than this number of shares, including:
* National Nominees (5.36M or 11.04%),
* Quad (4.49M or 9.25%),
* Beconwood Superannuation (3.937642M or 8.12%),
* CTS Group (2.5M or 5.16%),
* Adrian Risch (2.469750 or 5.09%),
* Invia Custodian (2.4M), and XS Equities (2.23M).

Others, near to this mark included:
* Cogent (1.661M),
* ANZ Nominees (1.594M), and
* Beconwood Securities (1.559M).

During the trading day, 4,214,659 shares traded @58c.

Most of this would likely have been accounted for by the Beconwood shares. But what of the additional 2.4M traded @58c, beyond the amounts stated last night, or the 2.6M additional shares traded (in total) today.

If it is a case of only the affected shares having been sold today, then there was another big seller today.

This may well have been the ANZ Nominees holding 1.594M shares.

Or, additional Beconwood shares (ie: beyond the 3.5M stated as being affected) were sold.

The number traded @58c = 5,979,929 and closely matches out against Beconwood's total holdings (all interests, according to the 2007 Annual Report) of 5,951,123.

So, did Beconwood sell out in totality? Or was someone else affected and similarly caught up in the fallout.

My thoughts are the latter (someone else has been caught).

The question is who?

With ~48.5M shares on issue, today's trading approximated 13% of the stock on issue.

Regardless of the disclosures to date, that's significant as an additional 5% of the stock was affected by today's trading.

It could well be that several substantial shareholder notices will be coming up shortly. Time will tell.