analysis of top 20 changes & conclusions, page-121

January 2012 Top 20

Rank Name No. %
1. NATIONAL NOMINEES LIMITED 188,980,560 5.83
2. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 168,493,026 5.2
3. MR ANDREW WINSTON DOYLE 123,888,889 3.82
4. PERSHING AUSTRALIA NOMINEES 57,916,667 1.79
5. MR JAMES MICHAEL O'DWYER 57,011,770 1.76
6. TRAVIS REDDY + ELINA REDDY 47,984,127 1.48
7. CITICORP NOMINEES PTY LIMITED 44,454,853 1.37
8. DUTCHESS OPPORTUNITY FUND II LP 42,614,736 1.31
9. MR KAI LIU 35,000,000 1.08
10. BABYROAD PTY LTD 34,859,195 1.08
11. MR PHILIP GLENN BAILEY 33,890,154 1.05
12. ETRADE AUSTRALIA NOMINEES PTY LIMITED 31,000,000 0.96
13. MR GORDON MENZIES WILSON 30,032,119 0.93
14. MR RENE ANTHONY VAN DER LAAN 29,752,906 0.92
15. MR PAUL JEREMY HAY 29,545,218 0.91
16. MR ANDREW RASZEWSKI 27,000,000 0.83
17. MR STEFAN FRANZ + MRS MIRYANA LANDHERR 25,000,000 0.77
18. MR MARK PETER + MRS LOUISE MARGARET MARTHA O'BRIEN 25,000,000 0.77
19. MR ANDREW MCNEIL PENNY 25,000,000 0.77
20. MR JOSEPH WAH MUN MRS TSANG KIM CHONG CHAN 24,000,000 0.74

My observations;
Increase in ADRs by 3m.
HSBC nominees up by 87.8m. My guess, this is ASOF and they've exited this already.
AWD up 14.5m.
Citicorp Nominees down by 60k.
ETrade new entrant with 31m.
Renee van der Laan back after dropping out in August 2011.
Andrew Raszewski back after dropping out in November 2011.

O'Dwyer Investments, Philip Bailey and Atlantic Investment all out, likely due to the raising of the bar for Top 20 to 24m.

In January, the top 20 held 33.37% of the issued shares in comparison with 34.22% in December 2011 and 40.51% in July 2011. This might suggest that, generally, the top 20 is staying committed, but have not kept acquiring at the same rate as the issuances.