Chart -TPD, page-416

Just want to touch on this in a little more detail...

I have a T20 dated 25/11/22 which I have compared to T20 from the Annual Report which is as at 13/3/23 (date of allocation of most recent placement).

7 of the Top 20 from 25/11/22 have been displaced.

The largest movements were:-

1. Treasury (Nero) +4M
2. McCusker +5M
N/A Nat Noms +16M
3. Precision +3M
N/A Merrill Lynch Noms +3M
N/A Wylie +7M
19. HSBC Noms +3M
N/A Cedarfield +6M
20. Citicorp Noms +3M
N/A JP Morgan Noms +5M
N/A Netwealth +5M
N/A Hedgehog +5M

The majority of these holders are institutional, not sophisticated investors. The threshold for 25/11/22 was 2.7M shares so it possible some of the new holders held lesser positions prior to 13/3/23.

It is evident that a significant portion of the placement has been taken up by process driven investors not "flippers". This is a great sign IMO.

JMO.