Ann: December 2016 Quarterly Report, page-53

Gerard - firstly, thanks to the company for updating it !

I am much more optimistic after seeing it - the changes over the past 6-9 months are very minimal.

Top 3 holders have barely moved
- Risco 22.58% to 22.22%
- Chatchai 15.62% to 15.25%
- M&G 13.64% to 13.01%
- NGP 7.91% to 8.02%
- jp Morgan have increased their holding 0.67% to 1.06%
- Beira, Toltec, d Kurl have entered the Top 20 and the previous bottom 3 have dropped out but not necessarily sold any shares.

So, it seems like the turnover that we are seeing is 'churn' - open to conjecture why this is happening !

Both major shareholders seem to be taking advantage of the "creep rule" whereby they can increase holding over 20% by 3% every 6 months without having to make a takeover offer to all shareholders.