monday 16th april, page-2

US Institutional Holdings of DNDN have remained strong at over 65% of that company - the definition of Institutional Holding is:

"Institutional Holdings information is filed by major institutions on form 13-F with the Securities and Exchange Commission. Major institutions are defined as firms or individuals that exercise investment discretion, over the assets of others, in excess of $100 Million. Major institutions include financial holdings companies, banks, insurance companies, mutual fund managers, portfolio managers, self managed pension and endowment funds. The report is limited to equity securities, including common and equivalents, convertible preferred and convertible bonds. The report does not include fixed income, real estate, or cash equivalents. Reports are filed within 45 days after calendar quarter end with the vast majority of updates occurring near the 45th day of the quarter."

doing a back of the envelope calc with an MC of US$1.36 billion, this means about 8 or 9 Institutional Holders have a stake in DNDN..

but the issue is the % of their holdings - 65.58% at last count - if that were to be repeated with PRR, it would mean at least 2 US Institutional Holders taking a position at our current MC -- but US Institutional Holders are much more competative than Australians, and don't like being left out in the cold on a good deal, so the numbers appear to favour several of these Institutional Holders vying for a strong stake at or soon after listing - remember, those same Institutional Holders have an obligation to buy at the cheapest price, which should occur some time shortly from 10/10.30 pm tonight -- if more than 2 or 3 Institutional Holders are aiming to take strong positions, then there will be a fight if they want to be seen holding US$100 million positions...

so anything could still happen, including some surprises


good luck