Ann: Top 20 shareholders, page-4

Yes I believe that is Paul Kehoe, serially successful investor who was also one of the founders of Syrah Resources, well connected in the Australian mining scene.

http://www.copyright link/markets/c...d-a-rainbows-end-in-mozambique-20140902-jdr4z

The lower portion of stock in the top 20 looks largely due to the vendors initial cut being much lower, their performance milestones over the first few years are where they are able claw back a portion of ownership (20m shares) as per the schedule below. The structure ensures that the directors interests are completely aligned with those of the shareholders.



Something else worth looking at is how the Top 20 in Alto deals behave, they are generally very sticky and provide on market support to increase their holdings over the formative period, quality operation.