It's interesting to view the accumulation of shares by Duncan...

It's interesting to view the accumulation of shares by Duncan Saville and surmise what his intentions might be.

From an original substantial holding of 6.65%, he increased to 13.2% in 2006, onto 16% in 2008 and 19.9% in January 2011.

Since then he has used ASIC's 3% creep provision to increase to 21.8% in Sept 2011, to 24.8% in June 2006 and now to 26.5%.

Possible takeover not too far down the track?

A "friend" of the company who has more than enough to block any takeover?

Just an investor who sees value in EBT?

BTW - The next largest holder of shares in EBT is Mike Hale at 6%.