Positive 2015, page-28

Hi Ilyas

I remember that, in your posting ‘Shareholder register’ you referred to Commsec information. Commsec and EWC 2014 AR both list the shareholdings as per 31 August, 2014. Commsec lists the substantial shareholdings only ie. shareholdings comprising 5% or more of the listed shares. As Capital Group was already a substantial shareholder prior to 31 August, 2015, yet not listed separately, their shareholdings must be part and parcel of either JP Morgan or HSBC Custody Nominees holdings. This simply means that you can only add their additional 1% purchase (ie. 18 million shares) to the total percentage held by the top three shareholdings. This gives you 93.25% of all listed shares being held by the top 3 shareholders, leaving around 121 million shares 'open on the market'.

The more intriguing puzzle may relate to the fact that EWC’s 2014 AR lists the total percentage held by substantial shareholders at 78.24% (page 138 of the AR). If I add the additional 1% holding by the Capital Group since 31 August, 2015, the total percentage held by substantial shareholders increases to 79.24%. Perhaps somebody with access to more detailed information may enlighten me in respect of this discrepancy in Commsec data (92%) and EWC AR (78%) held by substantial shareholders.