Ann: Quarterly Activity Report & Appendix 4C, page-7

Interesting looking at the T20 & recent history

T20 percentage of SOI has risen for 4 quarters in row
- Dec quarters increase is the largest, despite JC selling
- many T20's been accruing quarter on quarter
- so significant changes following DT's appointment & refreshed strategy.
- T20 quite stable

Seems to me that T20 growth, plus increased lambo club numbers (>100,000), point to large shareholders buying into the updated strategy & Dr T's appointment and so aren't selling. As JPD points out above, its the smaller retail SH'rs influencing the price atm on small volume. (although to be fair, we don't have January's numbers).

All this augers well for the SP imo, if a large buyer wants in, (not withstanding JC doing a block sale if he is still looking to unload). Ditto if some 'expect the unexpected' news drops that excites the market.

Someone mentoined the other week that maybe the market is waiting for the 'smart money' to make a move. Well, perhaps the smart money are already seated in the front rows & aren't moving !