analysis of top 20 changes & conclusions, page-51

MAY Top 20

Rank Name No. %
1. NATIONAL NOMINEES LIMITED 163,430,572 8.51
2. MR ANDREW WINSTON DOYLE 146,998,686 7.66
3. MR JAMES MICHAEL O'DWYER 57,011,770 2.97
4. MALCO (PNG) LIMITED 50,724,658 2.64
5. DUTCHESS OPPORTUNITY FUND II LP 48,203,681 2.51
6. TRAVIS REDDY + ELINA REDDY 37,900,794 1.97
7. MR KAI LIU 35,000,000 1.82
8. CITICORP NOMINEES PTY LIMITED 30,264,643 1.58
9. HSBC CUSTODY NOMINEES 28,763,574 1.50
10. O'DWYER INVESTMENTS PTY LTD 23,687,184 1.23
11. MR MARK PETER O'BRIEN + MRS LOUISE MARGARET MARTHA O'BRIEN 20,000,000 1.04
12. ATLANTIC INVESTMENT 18,000,000 0.94
13. PENSON AUSTRALIA NOMINEES PTY LTD 16,250,000 0.85
14. MR PHILIP GLENN BAILEY 15,656,552 0.82
15. MR PAUL JEREMY HAY 14,793,139 0.77
16. MR ROBERT WILSON 14,412,767 0.75
17. MR GORDON MENZIES WILSON 13,032,119 0.68
18. JP MORGAN NOMINEES AUSTRALIA LIMITED 12,307,606 0.64
19. MR STEPHEN PERROTT 12,000,000 0.62
20. RELGAN & CO PTY LTD 11,250,000 0.59
TOTAL 769,687,745 40.09

My observations;
Increase in ADRs by nearly 5m
AWD increased by 450,000.
Dutchess increase by nearly 6m. I suspect they have already been sold.
HSBC Nominees decreased by 544k.
O'Briens increased by 4m. They had 13m at the start of the year, now 20m.
Atlantic Investment increased by 3.6m.
Paul Hay increased by 1.4m
Robert Wilson is a re-entrant. Does he know something? Related to Gordon Wilson?
JP Morgan Nominees is new entrant.
Mannaburra off list. I suspect this is because you now need 11.25m to be in the top 20, while they had 10m in April.

Now, given the large selling last week, it appears to be none of the Top 20. So who was it?