analysis of top 20 changes & conclusions, page-116

from looking at this list what strikes me is the much wider spread of shareholders with less than top twenty holdings. If you go back a few years then there were a few shareholders with very large percentage holdings ,now there seems to be a wide spread - makes for an easy takeover if the right price is offered. I would guess that a LOT of current holders would take an offer at say 10c per share.

The other thing that strikes me is the absence of the Bugdens - they were a strong supporter in the early days .