figures don't add up ?

been looking at Top20 holders

combining that with gooru's statement from GXY that major funds are not committed at this stage to take up offer - all figures taken from Annual Report 2013,page 73

JP Moragan 82.4 mill
National Nom 58.5 mill
HBC 58 mill
Creat 37 mill
Can Reg Cont 30.8 mill
JP Morgan 21.6 mill
HSBC 20.2
HSBC 13.3
Computershare Ca 11.8
Citi 11
Ademsa 7.5
Cape Bouvard 6.3
Credit Risk Man 6 mill
Bell Potter 5.9
UBS 5.7
Super Raya 4.5
Hengolo 4.5
P Cozzi 3.0
G Hill 2.0
T H offerman 2.0

IF I take out institutional holders (1-10) which account for 59.13 % in the company - makes the 10,000 "retail holders" look silly !!!

so by their figures of 538 mill SOI - would leave "retail holders" to raise a max of 239.5 mill shares @ 8c or 19 mill before cost on full RETAIL take up of offer

in other words: without SubHolders support this is not going to keep GXY viable ????


The board has to communicate clearly what SubHolders intentions are