legal opinion on disposal of shares, page-21

So here is what the ASX announcements reveal about BCSCA holders:

Fact 1 (1) He Fang owns 8.26%. Well she didn't buy those in the IPO.

Fact 2 Macquaries initial holding of sixty million shares has been entirely sold, including the last 26 million they sold for $0.001 Seem pretty desperate to get out.

Fact 3 The Broad Peak master fund, a singapore government front organisation, sold 27 million shares.

Fact 4 Director Latimore quit and sold his shares, new directors Snape and Kriewaldt have 5000 and 0 shares.

Fact 5 Challenger sold almost 3 million shares.

Fact 6 UBS ceased to be a substantial holder

Fact 7 QIC increased their holding from 7.8% to 9.9% buying at 11c a share

Fact 8 Morgan Stanley sold out 5 million shares at 8c each

Fact 9 CBA ceased to be substantial holder.

Fact 10 Known substantial holders at IPO
(a) Challenger - held through 5 different nominee holders, now known to have sold out.
(b) Morgan Stanley - originally held 23 million, now known to have sold out.
(c) Capital Group, known to have held 27 million,
(d) CBA, held 17m, now known to have sold out.
(e) Pictet, 22m, for which the claimed purchase price of 2.3 bn is clearly nonsense.

Fact 11 3 of the 6 known significant holders are known to have sold out. Only one of them, QIC, has increased holding. Queensland taxpayers and public service superannuation contributors will be delighted with that stunning performance.


Fact 12 The top 20 holders reported at listing:

(1) HSBC Custody Nominees, 53m units, actually shareholders could be anyone at all and probably multiple holdings.
(2) Citycorp Nominees, 40m, actual shareholders could be anyone at all and probably multiple holdings.
(3) JP Morgan nominees, 39.9m, actual shareholders could be anyone at all and probably multiple holdings.
(4) National nominees, 33.6m, actual shareholdings could be anyone at all and probably multiple holdings.
(5) QIC 30.3 m
(6) Macquarie 28.2 m, known to have sold
(7) Macquarie 20m, also known to have sold
(8) ECapital Nominees, 18m, actual holder unknown
(9) HSBC Custody Nominees 17.4m, actual holder unknown
(10) HSBC Custody Nominees, 14.7m, actual holder unknown
the remaining 10 in the top 20, ALL custodians and nominees.


Fact 13. Only 6 actual substantial shareholders in this dog have ever been actually revealed. Of those, 3 have sold out entirely, one ( QIC ) has slightly increased their holding, and the other two are unknown.


Fact 14 Custodian and Nominee shareholders only reveal their real holders reluctantly, and only as required by law when requested by a party with a legitimate right to know. Prudences claim to have asked them who holds the shares, is plainly hot air.

Fact 15 Prudence's claim that 50% of the shares in BCS are held by institutions is without any foundation in fact.

Fact 16 In the october qtr, they got $390m from issuing shares and paid $228m for "non current assets". Now they haven't built anything yet, so that money was just pissed away. But they still have $155m. This project will NEVER be finished because they will NEVER be able to raise any more capital to meet the inevitable cost overruns. They should recognise that circumstances have changed, give up, and return the 40c per share of remaining capital to the shareholders.






So, Prudence, you are talking out of your behind. The fact is, it is not possible to determine whether more than half the securities are held by instos, and you statement that they have "pledged" to pay the installment is meaningless too.