Ann: Annual Report to shareholders, page-41

and continue with my reading, Top 20 share holders as at 31/08/2017, changed 6 this year, 3 in top 5.


2. MERRILL LYNCH (AUSTRALIA) NOMINEES PTY LIMITED 28,675,780 3.60 @this is holding for Regal fund, so they still holding 28.6mil shares.

3. WISCONSIN HOLDINGS PTY LTD 26,466,000 3.32 , @this is CAT's fully owner entity, so if that USD $8mil options converted, he will be no.1 shareholder!

From my point of view, this is a very interesting situation, if that outstanding 70mil options not belong to Pivacs, or even if they are without those performance shares, this could be a really close call for takeover or CAT gain control of the company, (I am not an expert of takeover just by share structure guess).

So Mr. Pivacs, stage A, B, C, you guys need to work hard to get those milestones done and get those shares granted ASAP, better before 30/06/2018, next annual report! and I feel it not hard, A for HX come out, B for a houses built within 3 days, C for 10mil come into ac, you guys could get them done in FY2018!

At same time, for us small holders I don't think we need to worry about the sell off of those escrow shares now, the situation changed, the shares more concentrated compare to 2016 + HX is going to come out soon + takeover risk, and if we do see Pivacs sell out, that's definitely not a good sign. (just my own opinion.)

5. CITICORP NOMINEES PTY LIMITED 17,211,896 2.16 @investment bank, this holding is very interesting as well, last year was 'Comsec Nominees' 6.9mil, this year 17mil, changed and 10mil bigger, who are they? don't know.

Last year's no. 2 MAHSOR HOLDINGS PTY LTD sold 37mil shares, I didn't see their market notice, anybody saw it? who are they???

and old friend no.6 MS MERLE SMITH + MS KATHRYN SMITH they have gone.

But we have a new friend, a Childcare center come on board now, no.15 kidsklubs karioNG pty ltd , haha hope they could educate some smart kids for the future.

So as old saying, if there is a seller there must be a buyer, interesting changes, only for my fun not financial advise, DYOR.