re: Ann: Appendix 4C - Quarterly Cash Flow - ... A Top 20 is...

re: Ann: Appendix 4C - Quarterly Cash Flow - ... A Top 20 is only a legal obligation once a year hence the appearance in Annual Reports to fulfil this obligation.

Obviously PAB's Top 20 is likely to have changed somewhat with the extremely high volume turn over late 2013 & the dilution as a result of RI.

What we can take from the unknown though based on '13's T20

The top 3 Shareholders are all substantial holders with ~30% of the company so it can be assumed that that 30% remains intact without any release to stipulate any change - while Stork didn't take all of his rights and slipping 2% in ownership on dilution Calder took more adding 2% so should balance that ~30.

The rest of the Top 20 previously representing 57% of the company or 27% outside of the Top 3 remains unknown and disclosure it not required although Oncomab's 20M is unlikely to have changed. The remainder of the Top 20 outside of 1 individual name & Takeda is wrapped up in nominee and trust accounts so all under blankets.

Interesting to see an updated 20 but I haven't seen one as is.