Further thoughts on Celgene deal, page-82

Sorry Harymeso,

My reference is the Shareholder Information section near the very back of the company's Annual Reports (sub-section: Distribution of Equity Securities and Voting Rights) which show that the number of shareholders that own more than 100,000 shares has decreased from 75 in September 2012, to 71 by September 2014.

And the number of small shareholders, i.e., shareholders that own less than 100,000 shares, has increased by some 30%, to 8,000 from 6,100 over the same period.

I'm not sure that it means very much, except that the shareholder base is broadening (which I probably a good thing). It also shows that the number of large shareholders has not, in fact, increased, as was a claim made by someone else. But what it doesn't reveal is whether the large shareholders are increasing, or decreasing, their holdings.