Ann: Results of Entitlement Offer, page-8

In terms of possible top 20 changes, Citicorp Nominees, the custodian of the shares for the vendors of the Royal Haiwaiin Orchards brand will have dropped down/out of the t20 assuming the ceasing to be substantial notice was filled out correctly. AMD indicated they were taking up their rights, as well as the directors which includes Andrew Bond the former CEO so they'll still be there. No real reason for Bundaberg Sugar to be there now that the ginger business has been sold off.

Agree with you @rasaj, AMD's stake is potentially problematic. They got most of their stock at $0.37-0.40 in the placement and rights issue shortfall back in 2017/18 if my memory serves me correctly - so they are well under water. They have been largely a passive shareholder since their entry on the register from what I can tell. A lot was made of leveraging their distribution networks in Asia at the time but so far BUG only sells macadamias in the US and have yet to start selling into Asia so AMD hasn't really added any value that I can see. AMD's board nominee doesnt take any director fees though and the $10m con notes on issue are only accruing interest at a v reasonable 4% so AMD's conduct so far has been pretty reasonable IMO. The issue with large strategics on a share register like this though is they start to try and influence/exert control at a board level to advance their own interests (at the expense of other shareholders) but I havent really seen that to date here...