Don't read too much into the top few names on the T20 list.
They are simply custodians for the institutions that actually own the shares.
For example, you don't see Van Eck's name anywhere on that list and they are BDR's largest shareholder at 7.85%. Nor do you see Paradice Investments which own +5% of the company.
I believe that Simon has built a loyal group of larger holders that will support his strategy and there is no risk of a hostile takeover succeeding if Simon does not endorse it.
As far as it relates to my holdings, it appears that I have net sold shares but my holdings are now under multiple HIN's due to the capital raising and I have never owned more BDR shares at on an inter month basis (at some point a re-weighting will be required though simply due to the need for geo-political and company specific diversification).
Cheers
John
BDR Price at posting:
28.0¢ Sentiment: None Disclosure: Held
