Ann: FY2016 Full Year Results Announcement-PGR.AX, page-8

The instos are now dominating the top 20 shareholders with a combined 89% of the shares. I see four specialist funds (Sigma Funds Management/First Samuel/Phoenix Portfolios/Endeavor Asset Management) are now also creeping onto the register.

These funds will want more shares so I expect a slow accumulation grind higher over the next 6 months before a big play (like NBL) occurs. PGR has a cash surplus and a $30m bank facility plus $25m working capital facility available for a big play although it is likely they will also issue more shares to improve liquidity when they make a big play - this will be at a much higher SP so the current instos benefit.

Designworks has the potential to be a spin-off listing when it reaches about $200m revenue, currently $100m+, I expect that is probably only 2-3 years from now at its current run rate.

Meanwhile, also being in the top 20 shareholders I will go along for the ride.