annual report, page-9

Thanks for the number of days nex$. The discrepancy in Peter's holdings as per the annual report and Appendix 3Y could be explained.

As per the 3Y form lodged on 2 October 2009, he held 4,750,000 shares in his own name and 2,040,000 shares through his companies The annual report says he held 4,500,000 shares. That is a 250,000 disparity, which was the number of shares he acquired on 2 October 2009. So may be the newly acquired shares were not yet registered in his name on 26 October 2009 (doubt it), or more likely he sold 250,000 shares.

The discrepancy for Johann Young cannot be explained through indirect holdings. It is most likely that he has sold a million shares between 2 October 2009 and 26 October 2009 without having lodged a 3Y form, may be well within the 14 days allowed by law.

Given the sensitivity of the announcement of the Project Update on 29 October 2009, the implied selling of shares by Young and Peter reek of insider trading.

I saw my previous post got five thumbs up. With all due respect, Neesso should be getting the thumbs up for pointing out the disparity.