landowner's arrangement, page-24

Mandalay718

I hear where you are coming from but for current investors and would be investors it's important they get comfortable with what has been said previously here and what is actually fact.

A lot of IDC holders followed nectar's posts - he came across as being someone who had more than the usual knowledge. He made the statement, inferring "fact", about the landowners having been given shares. Hal2000 (who claims to have knowledge of the matter) did not question the accuracy of nectar's post then, but does now.

I've looked at the various ASX releases in relation to substantial holders since the acquisition. Can anyone point me to the previous owners (Summit Development Ltd) ASX announcement to say they became a substantial shareholder of IDC at the conclusion of Mt Kare deal. According to the AGM papers they received cash (37%) and shares (63% or 68 mil shares) of the $27mil price. The document also noted "The Summit shareholders, a PNG based family, are expected to become long term Indochine shareholders." I understand Siew Hong Koh was a director. He is shown in the 2011 AR having 34.6mil shares (8.47%), and in the 2012 he appears to have sold 20-odd million shares. Not sure how many he holds now, but that's not exactly "long-term".

Does anyone have an updated Top 20 list?