Ann: Change in substantial holding, page-6

Yes, this particular person has reduced overall but the spread is greater and others have been accumulating. One of the problems with NXM in the past is that it has been too tightly held with little liquidity. All shareholders suffer from this situation, particularly the large holders. He has disposed of 1.5 mill offmarket and bought more on market than he has sold on market. To get to the next stage of expansion the shareholding has to have a wider spread than it has in the past. This appears to be happening and things seem to be slowly, but steadily moving in the right direction.