analysis of top 20 changes & conclusions, page-50

April Top 20

Rank Name No. %
1. NATIONAL NOMINEES LIMITED 158,457,532 8.63
2. MR ANDREW WINSTON DOYLE 147,448,686 8.03
3. MR JAMES MICHAEL O'DWYER 57,011,770 3.11
4. MALCO (PNG) LIMITED 50,724,658 2.76
5. DUTCHESS OPPORTUNITY FUND II LP 42,614,737 2.32
6. TRAVIS REDDY + ELINA REDDY 37,900,794 2.07
7. MR KAI LIU 35,000,000 1.91
8. CITICORP NOMINEES PTY LIMITED 29,264,643 1.59
9. O'DWYER INVESTMENTS PTY LTD 23,687,184 1.29
10. PENSON AUSTRALIA NOMINEES PTY LTD 16,250,000 0.89
11. MR MARK PETER O'BRIEN + MRS LOUISE MARGARET MARTHA O'BRIEN 16,000,000 0.87
12. MR PHILIP GLENN BAILEY 15,656,552 0.85
13. ATLANTIC INVESTMENT (AUST) PTY LTD 15,000,000 0.82
14. MR ROBERT WILSON 14,412,767 0.79
15. HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 14,308,018 0.78
16. MR PAUL JEREMY HAY 13,385,743 0.73
17. MR GORDON MENZIES WILSON 13,032,119 0.71
18. MR STEPHEN PERROTT 12,000,000 0.65
19. RELGAN & CO PTY LTD 11,250,000 0.61
20. MANNABURRA INVESTMENT PTY LTD 10,000,000 0.54
TOTAL 733,405,203 39.95

Of note:
MR A W Doyle Accumulated nearly 9 mil (subscriptions?)
Duchess Up exactly 4mil/
Mr P G Bailey Up 5 1/2 mil
Mr Robert Wilson, new entry in to top 20, 14.4 mil

None of the big holders selling down in April. Nice to see some people are still accumulating. Doesn't look like Duchess sold down in april, though you'd need to check how many they got issued through their agreement.

Not sure who has been doing the selling lately. Doesn't look like it would be any named big holders. Last Friday a parcel of 7mil that went out in one hi at .006. Maybe that shook a few more people out? BRR said he sold out some millions on Friday, maybe that was it?

Anyway, still looks encouraging from the point of view of big holders hanging in & accumulating.

Anyway,