News report from the Philippines., page-11

What is interesting is the fact that in the top 20 shareholders is that some are listed several times in that list. 1 Stewart Elliott /EWI ,2 Richard Chandler/Clermont 3 New Zealand group of formally and informally connected investors 4 A large Australian investor. There are a handful of other investors in the list but the "significant " four hold approximately 85% of the stock. The point here is all are long term holders and I believe have not reduced their holdings and possibly added to their holdings in recent times. This of course dosn't guarantee that they will continue to hold but obviously with the exception of Capital Investments, which held approximately 12% of the stock(I believe, but could be incorrect) They have continued to back the stock for a long period of time inspite of the failure of the company to reach the scheduled development goals. I would assume this to be because they are well informed/researched/understand what has occurred historically and what will occur going forward.
As a footnote Capital Investments ,I believe decided to disinvest itself when a new manager took over the portfolio and decided to cut and run. The result of this was catastrophic for the shareprice with well informed shorters front running the sellout and the sp going from 40c down to 5c. That was the downside, the upside is that if and when the company clears the obvious blockages/hurdles that have stalled it for the past several years ,then should investors decide to buy in the upward pressure on the sp will build rapidly.
I believe that if just one hedge fund was interested and did its research then decided to invest ,then the reverse of the "Capital situation" could occur. The impetus for this would be the clearing of the Indonesian Forestry issue and clarification of the Philippines powerplant and hub access issue, both I am confident will occur in 2021.
Cheers Doc

hedge fund did its research