Hi @Sharls The top 20 has been a controversial subject and I’ve...

Hi @Sharls

The top 20 has been a controversial subject and I’ve spent too much time in the past arguing with some about this. (Like many shareholders, I’m sure), I too am appreciating the fact that the TON forum has become a relatively peaceful place and would prefer not to talk much about T20 unless there is something truly dramatic. …..Hence my silence. Also I’m not as prolific a TON commenter anymore (as you said) with just 5 comments in last 7 months , as I don’t want to talk much about fundamentals anymore when it means absolutely nothing and is a complete waste of our time, if management is unable to convince any instos about it. Also I'm often not at computer during day - so apologies for delay in reply.

Happy to see a T20 but like I’ve mentioned in past, I’d ideally like to see regular updates from company and not just once in a blue moon, like this one. There have been 3 after coming back from VA – one immediately on relisting in December, one in annual report (top 20 as of April 17) and finally, this one.

I think the first 2 are legal requirements. As far as this one is concerned, I note that there is no mention of Somers at all (are they out??) and if so, then I wonder if the TON came out with the top 20 to cover themselves as the average shareholder might (wrongly?) be under the impression that they are major shareholders still, especially due to the fact that they have a presence on our board of directors.

I took a quick look and plus point is many of the top 20 seem broadly similar to that mentioned in annual report (top 20 as of April 18).

Many top 20 have chosen to go in nominees account; so it is difficult to get an idea about what is happening there.

If Somers is out, it should not be much of a surprise as they have generally given the impression of traders rather than long termers. However if Somers were out in May and top 20 in June end is finally reflecting that, then this info is of little to no use to the average shareholder.

Ideally, regular updates would be more informative IMO to get a better picture, and top 20 is always at least informative on some front.

Just another point – there is some renewed interest in batteries, Elon Musk, lithium stocks ,SYR etc. lately and ideally IMO, TON should have been preparing for this months in advance by selling (or at least mentioning) the Nicanda story too. Kind of disappointed that all TON has been talking about thus far is Ancuabe/fire retardants and did not even mention Nicanda till this last presentation.

While TON has been ticking operational boxes slowly and steadily which is a positive, there could definitely be some improvements on other fronts like the above 2.