updated top 20 list , page-23

3 - National Nominees __ 5,107,978 __ 5.36%
4 - J P Morgan Nominees __ 4,963,580 __ 5.21%
5 - HSBC Custody Nominees __ 4,834,788 __ 5.07%

All three are over 5% and therefore these entities need to inform the market who they are. That's unless they are part of those 11.47M shares that were disclosed to the ASX.

I'm reasonably sure most of the 11.47M shares are in J P Morgan and HSBC Nominees. And therefore those shares have been disclosed. However the National Nominees shares haven't been disclosed and National Nominee needs to drop below 5%, or it'll be in breech of listing rules if it isn't already.

My thought is that ONE entity has shuffled shares around. That National nominees is now 4,607,978 shares and one of the lower 'shared' nominees has 500,000 (there abouts) more. That would put National nominees under 5% and National nominees wouldn't need to disclose. Further on, the entity is getting it's house in order before something. (guess obviously)