Ann: Appendix 4C December Quarter 2014, page-32

I am confident that he is offloading the lot. Seems like a big coincidence that ord minnett is still the largest net seller, and he obviously used them for his super holdings dump. Now that he is not a substantial he doesnt have to disclose so we will never really know when he is done. I think since the last notice, we have had 3m odd shares traded. If we assume he is 50% of the volume then it is getting very close. The problem now though is that we have a large distributed group of holders who are probably still in the red, who will sell on any strength. At the end of the day we need someone with big nurries to re-rate this thing. For me its not really the selling that is annoying its the lack of buying interest. As someone stated the other day, big caps have enjoyed massive PE expansions in this period and all have tremendously bullish charts, the small cap end is getting very little love. Obviously insto's value liquidity, which is in short supply at this end of town.