Ann: Annual Report, page-13

Interesting to note the changes to the top 20 holders since last year, as well as shares on issue and the Unlisted Shares.

A new top 5 holder (no 4) in Palm Beach Nominees Pty Ltd with 22,827,671 shares.
Clearly, AV has sold down a chunk of his holding from 7,768,642 shares last year to 4,852,635 this year.
Also the inclusion of a new top 20 holder - Mr Tai Siang Goh with 3,350,459 shares.

Some minor movements elsewhere but nothing of any significance.

The Top 20 holders still account for 75.08% of the total shares issued, being 1,213,539,968 in 2023, compared only to 1,211,021,407 in 2022, which was similar at 75.59%.

Of course, its the unlisted shares where the big changes are.

Last year BCI had the Series 1 CN's as unlisted shares with 46,662,148 initial shares, as well as just over 11million unlisted shares in Performance, Share Rights and Escrowed Shares.

This year those numbers have changed significantly. The above numbers have changes as follows -
BCI had the Series 1, Series 3 and the 2023 CN's as unlisted shares, totalling 346,581,856 initial shares, as well as just over 6.5million unlisted shares in Performance and Share Rights.

Add to the CN's the very recent issue of CN's to Ryder Capital (58,139,535 initial shares), and you have a whole lot of dilution (over 400million shares) sitting on the sidelines.

Whilst I fully appreciate the need for the CN's to fund Mardie, their presence as Unlisted Shares is, in my opinion, a chain around the neck of the listed BCI share price.

And of course, these CN 'initial Shares' will ultimately expand to accommodated interest and other 'Adjustment' triggers, at conversion time.

So whilst I don't want to accuse the BCI share price of manipulation, its a fact that the lower the listed share price, the better it is for the owners of the CN's on their conversion.......

Just sayin...... Food for thought.

GLTAH.