it's just the beginning for Cirralto!, page-11077

Really ? .....

Not sure if Investors on the forum had taken much notice and I don't certainly like being the bearer of negative news , but I think it's worth posting nevertheless.

And it's about the concern with respect to changes in the Top 20 updated as at 12th April and as illustrated by the revised listing in the merger letter to shareholders on the 19th April .

As you all would be aware , the previous Top 20 represented 19.78% of the register and is now only 14.55%.

And this drop in percentage is not just the only concerning aspect because previously the Top 20 holders was represented by a total of 329,334,859 shares and is only now represented by a total of 296,847,648 shares.

And the concern doesn't just stop there because whilst there are obviously a substantial amount more shares on issue as a result of conversion of options , placements etc... but there is an obvious exodus fleeing the Top 20 as represented in the previous bottom 12 holding 10 million shares or more and now the bottom 12 are all under 10 million with the bottom 5 being well under with an average holding balance across those 5 places of 7,407,903 verses 10,466, 340 from the same bottom 5 Top 20 positions previously.

Not only that , we also have BOTH Canary Capital with their previous 16, 325,000 or 1.03% as well as the Canary Capital Advisor related party Jodet Durak with their 14,323,321 or .90% are BOTH gone from the Top 20 as is the illustrious 3DP and Canary Capital sophisticated investor Kyriaco Barber Pty Ltd with his previous 13,775,000 shares or .87% Top 20 holding.

So there appears a Broker Connected exodus as well going on with potentially a total of 44,423,321 shares or 2.8% of the previous register evaporating from the current Top 20.

Also of some concern is the fact that Francis DeSousa who was a previous Director of Cirralto and was proposed to be re-elected in the July BOD meeting and who held 15,000,000 shares or .94% previously is also vacated the Top 20

And while there are a few new names including the illustrious Mr Alesandro Ljubicic , the semi famous Sydney Artist who married the former Miss Universe Australia's Monika Radulovic joining the register , I fail to see any particular ' standout ' 3 Institutional holders who were claimed to have joined the register in the last raise at 9.0 cents , and who could also be claimed to of at least replaced those significant holders who have left the Top 20 with almost 70 million shares.

So in my opinion those 3 alleged Institutional additions are effectively a net / net zero sum gain at best for Cirralto , but in fact overall it has to be perceived as more of a negative and a concern when you see the calibre of Investors who have now left.