analysis of top 20 changes & conclusions, page-12

Report as at 31 May 2010
Rank Name No. %
1. ANZ NOMINEES LIMITED 82,568,640 7.33
2. MR JAMES MICHAEL O'DWYER 57,011,770 5.06
3. NATIONAL NOMINEES LIMITED 51,606,861 4.58
4. MR ANDREW WINSTON DOYLE 36,204,663 3.21
5. TRAVIS REDDY & ELINA REDDY 27,900,794 2.48
6. CITICORP NOMINEES PTY LIMITED 26,190,379 2.33
7. O'DWYER INVESTMENTS PTY LTD 23,687,184 2.10
8. EMPIRE EQUITY LTD 21,683,965 1.93
9. EMPIRE EQUITY LTD 18,750,000 1.66
10. MRS VIRGINIA WARNECKE 15,028,577 1.33
11. MR GORDON MENZIES WILSON 12,025,695 1.07
12. DELPHI SYSTEMS PTY LTD 9,060,194 0.80
13. MR DAVID JONATHAN GREGORY 7,700,000 0.68
14. MR PETER BICEVSKIS 7,000,000 0.62
15. COMBINED VISION PTY LTD 6,450,512 0.57
16. MR ROBERT WILSON 6,312,767 0.56
17. MR GRAHAM BUGDEN 5,771,570 0.51
18. MR TIN SHEUNG LAU 5,600,000 0.50
19. MR STEPHEN PERROTT 5,000,000 0.44
20. PRIMSTON PTY LTD 5,000,000 0.44
TOTAL 430,553,571 38.20


Top 20 as at 30 April 2010
Rank Name No. %
1. ANZ NOMINEES LIMITED 80,886,339 7.46
2. MR JAMES MICHAEL O'DWYER 57,011,770 5.26
3. NATIONAL NOMINEES LIMITED 51,606,861 4.76
4. MR ANDREW WINSTON DOYLE 37,879,235 3.49
5. TRAVIS REDDY + ELINA REDDY 27,900,794 2.57
6. CITICORP NOMINEES PTY LIMITED 26,508,904 2.45
7. O'DWYER INVESTMENTS PTY LTD 23,687,184 2.19
8. GEM GLOBAL YIELD FUND LIMITED 21,344,056 1.97
9. MRS VIRGINIA WARNECKE 15,028,577 1.39
10. MR GORDON MENZIES WILSON 12,025,695 1.11
11. DELPHI SYSTEMS PTY LTD 8,560,194 0.79
12. MR DAVID JONATHAN GREGORY 7,500,000 0.69
13. MR PETER BICEVSKIS 7,000,000 0.65
14. MR ROBERT WILSON 6,312,767 0.58
15. MR GRAHAM BUGDEN 5,771,570 0.53
16. MR ZORAN ANCEVSKI 5,650,512 0.52
17. MR TIN SHEUNG LAU 5,600,000 0.52
18. PRIMSTON PTY LTD 5,000,000 0.46
19. MR GILBERT GAVARS 4,379,146 0.40
20. MR PAUL JASON MELROSE 4,080,000 0.38
TOTAL 413,733,604 38.17


O'Dwyers not selling.
Doyle sold/traded about 1.5m
Reddy holding
Citicorp small change
GEM sold/assigned the lot
Empire Equity Bought about 40m (These might be GEM shares assigned?).
Warnecke Holding
Wilson G Holding
Delphi Bought 500k
Gregory bought 200k
Bicevskis holding
Combined Vision new holder, 6.5m
Wilson R Holding
Bugden holding
Tin Sheng Lau holding
Perrot, new 5m
Primston holding
Gavars sold to < 5m.
Melrose unknowm out of list.

So, not that many changes. Not obvious who the larger trades are coming from, but probably GEM/Empire + others not listed in top 20 maybe due to trading under different names or parcels.

IMO, the big drop is primarily due to the ridiculous terms offered to the 2 latest private investors + GEM shares all trading and forcing the price down to get cheaper issues.

I would think that even the board must now be thinking twice about more deals like the latest couple. They are truly value destroying. As stated by the chairman in his agm address, the sp does not necessarily reflect the potential value of mst - but then who have we got to blame for that???. The only consolation is that it can't go very much lower becasue it isn't far from .001! Unless they can get some runs on the board and get the sp up a bit, it is going to make the next cap raising difficult for the company and totally disastrous (even more than now) for long term shareholders.

Hardly any point selling now whatever ... losing the last thousands isn't going to make a huge difference given what has been lost, may as well just hang on.