depth, page-42

Hi Hoot,

I tend to agree it is difficult to explain the unusual symmetry and volumes of share flows in terms other than collusion between institutional fund managers and the wide network of brokers they engage.

Nevertheless, the "CuDeco Shareholder Research" document has revealed the combined CDU share flows of all institutions over a 2.5 year period was 299.4 million shares moved Off and 312.1 million shares moved On. This represents 70% of all registry activity.

Citicorp Nominees and National Nominees alone represent just over 50% of all registry flow activity with 223.7 million Off and 312.1 million On.

Also, the increased patterns of control over trading follow a pattern of increased levels of ownership in CUDeco(CDU) Limited.

What is more, price containment has followed increasing institutional ownership over CuDeco, as has the amount of Dark Pool trading undertaken. Particularly, following significant de-risking events achieved by CuDeco Management late 2011 and early January, 2012.

Price containment has also been accompanied by an increase in short selling by institutions following the de-risking of Rocklands late 2011 and early 2012. The register suggesting that institutions are both the lenders of CDU stock and the purchasers of CDU shares sold short.

CuDeco can be de-bunked some of the time but in the end the "CuDeco Shareholder Research" document will reveal the true picture.

There seems to be very few large sell orders at the face for sale. Long-term CDU shareholders are fully aware of what is being tried to get them to part with their CDU shares. They are not having any.

In my opinion, CDU shareholders will await dividends, or a fair share price if they wish to sell for a profit.

I am going to rely on the Senate Inquiry into ASIC to prove my point. So be it.


cheers,

Max