Ann: Aeromagnetic Survey Results - Wollogorang Cobalt Project, page-12

the fact is close to 8M shares in average price of 45c are in hand of retailers except of IPOs and 60% to 70% of this volume should be in hand of instos, brokers and smart money after that N27 can move.

Broker data shows that around 15c close to 350K shares bought by retailers. by this move some brokers forced SP to more down to those retailers dumped their shares. it may go further down to force retailers to dump all their shares.

PAC as capital raiser has 1.5M from IPO and added another 1.2M during IPO until now by bell potter broker (imo) and did CR for 8.5M shares so almost has close to 20% of its share on company.

so far PAC got close to $1M profit from TAO, which directors gave them as a gift, therefore CR price should not be considered as 35C , based on my calculation CR price becomes around 24c for them.

broker data also shows that some one dumped 3.8M shares since IPO until now by Philp Capital broker, in my view this is Coolabah capital, who owns 4.8M shares.

it would be good if directors shows top 20 shareholders not only mention about dilutions in their papers.