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"....The reality is that there has been no Director selling,
C.K. Locke and Associates have not sold a share...."

The directors are required to state if ther interests in the company changes.

C K Locke, who DO NOT have a substantial holding (5% or more) in this company, are not required to disclose their activities, so unless someone here works for them, no one knows what they are doing with their shares....they may be holding, they may have increased to some level below 5%, or they may have sold out completely.....as most would know, holdings less than 5% do not require disclosure of any kind.

Incidentally, the last time there was an announcement relating to 'Becoming a Substantial holder', or a 'Change in Substantial holding' for that matter, was on the 7th April 2004.....so, none in 2005, 2006 or 2007, to date.

GDN has no substantial holders....Macquarie MIGHT become the first one, depending on how many options they will ultimately underwrite.

GDN's well may or may not be commercial....I have no view I wish to express here on that except to say that I wish holders well.

Just wanted to address the incorrect perception that recent placements to institutional investors in January and May made them substantial holders....that is not the case.