Hi Westhx,From 5/12/11 to 19/4/12 a total of 968M shares in CRF...

Hi Westhx,

From 5/12/11 to 19/4/12 a total of 968M shares in CRF have been traded.

That is 72% of the 1.34b shares on issue.

Obviously it doesnt mean that 72% of the share capital has been turnover but given the very narrow trading range since its listing on 5 Dec, CRF is not very condusive to daytrading. Many who have bought since this date would be looking at CRF as a longer term investment. It would be safe to say that around 50% (of 72% traded) of the share register has changed.

The 12% DPF shareholding at inception date has been sold down by Centro.

Many of the 14.5% of the registry made up of CER holders would not be materially different as CER holders had the option to sell while it was listed as CER.

CNP secured holders obviously didnt have that luxury. I'd say around half of the 73% of CRF shares the CNP secured debt holders were given would now be off the register.

Burlington is no longer a substantial holder. Other substantial holders have reduced their holding such as Apolopsa.

All in all, the share registry has changed significantly. Not all the CNP secured holders would have the same exit strategy. In fact, some may decide to hold for the very long term. Weve gone through quite a bit of a cleansing process and we may almost be at the end. No doubt it has contributed to extra supply of CRF shares on the market, therefore adversely affecting the share price.

We all know what CRF should be worth. Hopefully the market will soon start recognising this true worth very soon.

Cheers