analysis of top 20 changes & conclusions, page-45

March Top 20
Rank Name No. %
1. NATIONAL NOMINEES LIMITED 158,457,532 8.82%
2. MR ANDREW WINSTON DOYLE 138,596,001 7.72%
3. MR JAMES MICHAEL O'DWYER 57,011,770 3.17%
4. MALCO (PNG) LIMITED 50,724,658 2.82%
5. DUTCHESS OPPORTUNITY FUND II LP 38,614,737 2.15%
6. TRAVIS REDDY + ELINA REDDY 37,900,794 2.11%
7. MR KAI LIU 35,000,000 1.95%
8. CITICORP NOMINEES PTY LIMITED 29,264,661 1.63%
9. O'DWYER INVESTMENTS PTY LTD 23,687,184 1.32%
10. PENSON AUSTRALIA NOMINEES PTY LTD 16,250,000 0.90%
11. MR MARK PETER O'BRIEN + MRS LOUISE MARGARET MARTHA O'BRIEN 16,000,000 0.89%
12. ATLANTIC INVESTMENT 15,000,000 0.84%
13. HSBC CUSTODY NOMINEES 14,308,000 0.80%
14. MR PAUL JEREMY HAY 13,385,743 0.75%
15. MR GORDON MENZIES WILSON 13,032,119 0.73%
16. MR STEPHEN PERROTT 12,000,000 0.67%
17. RELGAN & CO PTY LTD 11,250,000 0.63%
18. MR PHILIP GLENN BAILEY 10,759,276 0.60%
19. MANNABURRA INVESTMENT PTY LTD 10,000,000 0.56%
20. COMBINED VISION PTY LTD 9,750,512 0.54%

Changes of note:
AWD up 4.5m
Dutchess down 2m - Probably selling down their issue of stock
O'Briens up 1m - they were also buyers in November
Penson Nominees - I suspect replacing Merrill from last month
O'Brien's up 1m - they were up 1m last month increasing a total of 20% over the last 2 months
Gordon Wilson - up 2m
CombinedVision - new entrant with Delphi out. Did Delphi sell of just get knocked out by Vision having more thn them??

So nothing of note here, IMO, other than the top 20 were net accumulators of 6.5m units.