Ann: Market Update - Preliminary Final Report, page-15

HML Substantial Shareholders List

	Column 1	Column 2	Column 3	Column 4
0	Date of Change	Shareholder Name	Shareholding	% Shares Held
1	10/02/2017	Jarrad Robert Stuart	5,100,000​	19.85​
2	17/02/2017	John McAuliffe	4,574,937​	16.21​
3	30/05/2017	John Hawkins Pty Ltd	3,575,811​	12.01​
4	30/05/2017	John Bridgeman Limited	3,575,811​	12.01​
5	30/05/2017	Henry Avery Partners Pty Ltd	3,575,811​	12.01​
6	30/05/2017	Stuart McAuliffe	5,375,811​	18.13​

~ 90%
These 3 people and 3 related entities collectively have the wherewithal to do just about anything they like with HML.
The 500+ 'others' that hold only 10% of the shares can get angry and rant, disrupt, turn purple, threaten, sell their shares at a loss when it trades again and it will not affect anything. 'Others' opinion is irrelevant. If you are unhappy - your choice is simple - go along for the ride or leave.
I believe there are enough buyers waiting to take advantage of any sellers to prevent any substantial dip at re-commencement of trading, provided the NTA is close to $2.
This small group of active shareholders does lead to volatility at times but in general will result in low volume, low liquidity and SP following the NTA or above NTA in growth spurts.
With an unassailable substantial shareholder group, the non-holders opinions/attempts to disrupt HML will always fail, unless there are legal issues. Now with the ASIC review over, that is not an issue. The same group would be impervious to short sellers.
If the substantial group wants the dividends, all will receive dividends. If they deem profits are needed for growth by buying unlisted companies, then that is what will happen. They have enough votes to sell the JBFG to JBL without 'others' help or hindrance. They just have to do it in a way suitable to ASX/ASIC.

I expect we will receive the 2 proposed dividends, just later than planned and will still hold the shares if they don't.

This group has made substantial money in the last few years from their cross holdings of companies, their investments and trading, so I'm along for the ride, whether it is for growth or dividends. I have seen no significant SP fails in their recent history. Some stumbles in promotion and procedure for sure, but who cares as long as there is a result to look forward too. I do expect substantial SP flat spots but only substantial NTA reductions because of substantial dividend payments - not failures.




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