Ann: Production Improvements at Granville, page-44

Decided to do a bit of top20 analysis and have some findings. Looks to me that:

• We have mostly Top20 accumulating or becoming a new Top20 holder (green)
• Very large holders have basically kept their holdings stable (so no exits and minor dilution only) (red)
• Only 4 Top20 have dropped below the Top20 threshold or have exited
• Share register has cycled a bit with retail holders increasing their positions by 5% - which is substantial. So looks like ANW is becoming known to retail investors and we are starting to see more retail liquidity coming in which may indicate that ANW is becoming easier to analyse, read and retail holders (less sophisticated and more risk averse are joing the ANW club). This to me is a good sign
• Several new substantial holders joining the Top20 with rather sizeable positions.
• I also believe some from HC here, have now become Top20 and some have dropped off.
• Most notable reduction is via HSBC Nominees (which is a custody arrangement for sophisticated investors) - most probably Blister, Bananaman and Crash87 are missing so that's probably their holdings. Down by about 40m, so this also correlates with their size holdings that we know of.

Enjoy the read and analysis. I think ANW is just about to turn a major corner to the positive and certainly the Top20 have spoken loudly enough. IMO