cambay-75 will be plugged back, page-79

Hi Ipod. It will of course be a significantly lesser valued parcel if, as is entirely possible, the UK price drops more than 30% and the DOW goes significantly down concurrently. Such are the fortunes of the market and it perhaps explains (ie my volume) why the various punts I take are usually for more than a day or so.

Anyway, the top 7 shareholders are the following and, albeit that the volume suggests sales by at least one of them, first none of them alone can account for more than about 1/3 of todays volume, secondly the timing was funny - they would not normally be so market announcment sensitive and thirdly, when required to exit quickly the practice of several of them is to trickle sell over a few days to a week or two rather than to dump.

So it seems inexplicable, but if 3-4 of the institutions are dumping then the share price is in for a torrid time.

1. ANZ Nominees Limited 10,737,506 8.13
2. National Nominees Limited 10,078,092 7.63
3. UBS Wealth Management Australia Nominees Pty Ltd 6,598,958 5.00
4. JP Morgan Nominees Australia Limited 6,035,000 4.57
5. Cogent Nominees Pty Ltd 5,889,809 4.46
6. India Hydrocarbons Limited 5,500,000 4.16
7. HSBC Custody Nominees Australia Limited 5,019,152 3.80

Unless there is a rebound in 1-2 weeks and expecially if the volume continues over the next few days then I think that shareholders will be due a bit of an explaination.

Despite the somewhat negative tenor of these comments, I should underscore that I am positive about the short to medium term prospects. Hence the punt.