IBC, page-32

Thanks for all your hard work.

Does the CS register also disclose who the beneficial holders are that lie behind the “legal” ownership shown in the register? For example you have mentioned HSBC, Citi and some other “institutions”, but I suspect those holdings are not actually owned by these names beneficially but are their nominee accounts run by their share custody departments. If so, these ”legal” holdings may have many ultimate beneficial holdings hidden within them, and the buys and sells reflected in the sub accounts are probably not controlled at all by HSBC, Citicorp etc.

I wonder if PGH has issued tracing notices under s 672B to force some remaining holders to disclose who they really are. Unfortunately only PGH itself and ASIC have the power to do that- not other shareholders.