Ann: Change in substantial holding from MIN, page-57

Some interesting changes in the latest Top 20.

I have my records as the last published Top 20 was from Dec 20... so we've been kept in the dark for 6 weeks... for what purpose? Who knows... I believe NWE withholding this info doesn't pass the pub test... IMO.... which master where they serving?

Anyway... what I find interesting:

• Overall the Top 20 has actually increased - i.e. IMO the majority of the big holders are either sitting tight or in fact accumulating
• Take out MIN's additional 404m SOI acquired (bearing in mind this is thru SH's accepting the swap, not MIN cash purchase on mkt)... then the Top 20 has increased ~113m... or ~1.7% SOI
• Removing MIN's holdings, the remaining Top 20 hold ~26.6% SOI... and it doesn't look like anyone is in any great hurry to accept MIN's swap. I know I am in no great hurry at all. So what are the chances of MIN getting to 50.1%... not great IMO.
• Big movers... we have HSBC acct #2 go from 128m to 202m... so +74m...
• Then we have Morgan Stanley jump from 42m to 143m... so +101m (from memory I recall MS was buying.. last statement was 89m SOI about 2 weeks ago IIRC)
• National Noms jump from 67m to 91m... +24m
• Departed? Netwealth with 64m have gone... Neweconomy with 38m have gone (was it Stokes?)... and McCusker with 30m have bailed

So what does all this mean? Why could it be that the Top 20 are in no great hurry to accept the swap?... even go so far to keep accumulating. Could we be seeing other parties circling and taking positions hidden behind the nominee accounts? Apart from Gina that is... could she do the buddy buddy deal and gift wrap to CE? Is that a no brainer?

@jctrout was good enough to view the NWE register recently and advise the following... quote... "most of the accumulation showing on register appears to be hedge funds swallowing up retail holdings in preparation for an uprated bid. NWE have confirmed the entities holders and believe that they're based mainly out of America and Europe, so we might get some support to push back on the current offer here until a new one hits."

Maybe it is just hedge funds punting on a new and/or better offer...

I don't know about you guys but I honestly feel something else is coming... this is not a done deal... I will be sitting tight with my holdings and watching very closely. Personally I feel the register is quite wide open with the very real potential for another party to swoop in with an all cash offer and garner a siginifcant holding overnight.

Not that I want that tbh... I want to see the next 2 drills - at least... then we can talk.

GLTA