analysis of top 20 changes & conclusions, page-34

Report as at June 30 2010

Rank Name No. %
1. ANZ NOMINEES LIMITED 109,023,055 9.14
2. NATIONAL NOMINEES LIMITED 69,326,159 5.81
3. MR JAMES MICHAEL O'DWYER 57,011,770 4.78
4. MR ANDREW WINSTON DOYLE 36,147,874 3.03
5. TRAVIS REDDY + ELINA REDDY 27,900,794 2.34
6. CITICORP NOMINEES PTY LIMITED 26,298,629 2.20
7. O'DWYER INVESTMENTS PTY LTD 23,687,184 1.98
8. MRS VIRGINIA WARNECKE 15,028,577 1.26
9. MR GORDON MENZIES WILSON 12,025,695 1.01
10. MALCO (PNG) LIMITED 10,204,081 0.86
11. DELPHI SYSTEMS PTY LTD 9,060,194 0.76
12. MR TIN SHEUNG LAU 8,600,000 0.72
13. MR DAVID JONATHAN GREGORY 7,200,000 0.60
14. MR PETER BICEVSKIS 7,000,000 0.59
15. MR ROBERT WILSON 6,612,767 0.55
16. COMBINED VISION PTY LTD 6,450,512 0.54
17. MR STEPHEN PERROTT 6,000,000 0.50
18. MR GRAHAM BUGDEN 5,771,570 0.48
19. RECONIA PTY LTD 5,037,062 0.42
20. MR GEORGE MIALKOWSKI 5,000,000 0.42
TOTAL 453,385,923 37.99



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


Comments

ANZ & Nat nominees increased holdings - must be holding for some of the new issues?
O'Dywers unchanged
Doyle down a few,maybe he is trading?
Reddy unchanged
Citicorp unchanged
Emipre equity - sold all (GEM Deal)
Warnecke unchanged
G Wilson unchanged
Delphi up 500K
Gregory down 500K
Bicevskis unchanged
Combined Vision unchanged
R Wilson unchanged
Bugden unchanged
Sheung Lau up 3mil
Perrott Up 1mil
Primston - unknown (off the list, may have sold some)

New on the list
Malco (PNG) 10mil+
Reconia Up 1mil, (5mil+ back on hte list from March)
Mialkowski 5mil


Summary
One large new holder(Malco)
Individual & private coy holders are on the whole holding or increasing marginally & one increasing substantially. Smaller "large" holders slowly disappearing off the list as dilution occurs.
Nominees now holding more & more. Difficult to say what they might be doing.
GEM/Empire shares appear to be all gone. May have gone into nominee accounts?

All in all, top 20 private holders look like they are in for the long haul. Some are showing further support.

Todays trading:

Large block sell of 8mil+ shares at .010 has effectively stoppered trading. Who's going to buy with that there? Trading activity which has beeing going along quite well the last few days will stop with this I think. They must want to hold the price down still hoping there'll be some desperation sells below .01 or still trying to hold the price down for new issues under an agreement with the company?

New issues:

Latest issues on 1/07/10 by the coy. were at .0171. I wonder how this happened? Maybe a hangover from an agreement from way back?

All in all, we just have to wait for some good news from the company in order to break this cycle.