Ann: Top 20 Holders and Distribution Schedule, page-8

I enquired as to why, T Rowe, Van Eck, Blackrock etc do not appear on the top 20 holders list that was issued by EMR as recorded by automic.

It is because each of those institutional holders hold there substantial holding via multiple subsidiaries, and corporate entities, and each of those is considered an individual holder on the automic share register. And none of those individual entities hold more than 0.4%, which was the holding of the 20th position on the list.

The ASX considers holdings by associated corporate entities as being a single notifiable holder, which is why blackrock "group" Van Eck "group" etc is the 7% or whatever holder.

Also around 48% of the list is made up of nominee accounts, which is basically how most of the private shareholders' holdings are held. So those will also comprise countless individual shareholders.

The list basically tells us nothing of the make up of the share register, in particular institutional share holders will never appear on it. It is only useful to show individual shareholders whose holding is maintained directly on the automic registry, such as morgan hart, and a couple of the former major Bullzeye shareholders who have not moved their newly acquired EMR shareholding yet to a stock broker/nominee account.