speculation, page-19

Mick,

I am still somewhat confused. Maybe Phil is the only one who can answer this question satisfactory.


Phil's Holdings:
Holding as at June 30th 2007..... 24.09m

Options converted Oct 2007........22.75m Prog Total 46.84m

Panopus shares*.... .......23.35m
Phils direct holding......23.49m

----------------------------------------------------------
Opes shares sold by ANZ...19.6m

As ANZ have sold all ADY shares ( they do not hold over 5%) all the Panopus shares must have been sold. Therefore I assume that Phil had the 23.49 registered in his name as ANZ sales of Phil's shares do not add up to 47m.




* Unsure how many are on Phil's Opes account? Note that Panopus was listed on the March 28th Top 20 holding 3.5m.

( 23.3m less 3.5m = 19.8m) which looks like the number that ANZ sold on behalf of Phil!

Mystery???????