directors interest notice, page-9

I disagree with your comments on the Top 20.

ADY have always been up front with supplying details each week. I understand that they actually pay for obtaining details from the ASX.

The list gives shareholders an "indication " regarding who is on the Top 20. The down side is that some organisations list holdings under various names. ADY cannot show a consolidation of such names.

If one sees new high power insitutions appearing on the register then a degree of confidence is established. If however the Top 20 consists of unknown entities holding small quantities then maybe no confidence in the company is a by product.

I always check each Monday to see who is reducing or increasing their stake in ADY. The one issue that i find annoying is the share holdings hidden under "Nominees".For example I suspect that ADY directors have the 140m ( 13.6%)shares hidden under ANZ Nominees. Until the Annual Report is released I have no idea how many shares each director holds.

Anyway each investor may have a completely different view to mine.