Ann: Becoming a substantial holder - Bannaby, page-8

23million new shares from the last placement has been holding back the share price. Since the placement the total volume has been about 23million so we're getting close to ending the placement churn and getting those shares into the hands of longer term holders. We'll know when it's over when the share price can sustain above 14c. I had a look at the top 20 shareholders in the annual report vs the top 20 from 6 months ago, a number of top 20 holders have increased their holdings. The only one I couldn't figure out was Waddington Shipping Ltd which had 9.8m shares in June but has now disappeared, possibly been rolled into HSBC Custody Nominees which is now in the top 20 and holds 12.9m shares.