Ann: Investor Presentation, page-120

Well I reckon it was mostly classic day trader churn and the broker stats seem to support that. Of course there are net flows eg new holders bought 20-50m off older holders at various prices but we are left at a higher price as a result of some good info and news.

I doubt there have been big shifts in Sub holders - obviously the 2 out there haven't changed by more than 1% up or down so only option would be a new holder and the threshold of 50m is a high bar even with this volume.

In ADO I used to get the register every few weeks and despite all the conjecture it NEVER changed materially. There was a few punters that went up and down by up to 7m and then lots and lots of etrade and commsec. Over a longer period I was the largest seller and I was completely run over on the way to 28c