late rally, page-17

Fireblade,

I looked at a report EXT put out about 6 months ago and at the time (and this is from memory) I saw the obvious thing that 70% of shares are the hands of the top 20 but 80% of the shares were in the hands of holders who owned more than 100,000 shares.

I really need to check the exact figures and this will take time. I think I am close though.

In short I believe that only 20% of the 184 mill shares are held by holders who have less than 100K shares.

It may be that larger holders will be selling but I think it is less likely to be the case now then small holders.

That means that roughly 37 mill are free-float shares, allowing for the assumption that the sub 100,000 holders are the only sellers, go with me on this.

From the top 20 report recently there was no significant drop in that list so any feeding of the TSX (minimal as it is) must have been picked up on the open market, I don't know how many the market maker is holding, probably not too many atm.

I also suspect that a relatively small amount is held in Germany but the only basis I have for this assumption is the low volumes of trade I see on their exchange.

So of the 37 mill, let's allocate 1 mill (for a round figure) to the rest of the world.

Of the 36 mill left in the hands of the sub 100,000 holders how many would have a longer term view? 20% ? I have no idea but 20% sounds OK.

Therefore we have about 30 mill free floating shares. We have been trading close to 3 mill on some days so that is about 10% turnover per day of the free float.

I have nothing against BMN. I just don't like the actions of people like Bungee, he is a tool.