sub/shareholder, page-4

Don't know where you get the idea that they have sold most of their shares?

If you look at the recent announcement by Argonaut limited between the 24 March and 16 April Argonaut have:

Acquired 62,318,704 shares - through the issue of entitlement shares in March and through taking part in the recent April placement.

Sold 39,086,250 shares - for 13 April to 16 April.

This is a "net increase" in holdings by Argonaut of 23,232,454 shares.

The fact that they are no longer are substantial holder is most likely due to others (such as Craig Burton) moving up in the queue.

They still appear to have a large holding in the company (at least relative to the rest of us).

Cheers
SBC