The 2012 Annual Report is now out. (Last Friday)AGM 25th July I...

The 2012 Annual Report is now out. (Last Friday)
AGM 25th July

I have not gone through the Report as yet but will do over the next week.
I did however go straight to the “Top 20” Shareholder page near the end of the report, current as at 18th May 2012.

My observations are;

1. The balance of the MND sale after Perpetual picked up 6.6% of the 13% sold, did not show up through any substantial shareholder notices, either new or existing (apart from Perpetual's notice)

2. It would seem that the balance (approx. 7%) was spread amongst existing “Top 20” shareholders, which sat below the 5% threshold for reporting.

3. The “Top 20” 2012 Shareholders now hold 2.82% more of total shares on offer at 70.41% than the previously 67.59% reported in 2011.

4. Apart from the MND sale, only 3 of last years “Top 20” have fallen off the list, the largest being Argo Investments that held 1.43% in 2011.

5. There are 3 new entries (AMP now on the register) with 14 existing top 20 entries increasing their holding, noticeable increases by Citi, Cogent & National Nominees. Two others stayed the same and 3 reduced their holdings modestly.

6. Masfen Securities Limited nearly doubled to 4 % and on Friday 22nd June filed a substantial shareholders notice, to now sit at 5.26% (not shown by Hot Copper site, but on ASX site)
Peter Masfen would be considered a successful deep value investor. This is a great indication of the current large discount opportunity that Norfolk presents to the investor.
Masfen Securities recent activity accounts for nearly half of the share transactions (approx. 2ml of the 4ml) from 18th May to the 22nd June (inclusive)

The list has strengthened since the last report in 2011.
Also in this current volatile environment courtesy of Europe it should be pointed out that approximately 80% of Norfolk's revenues are non mining. Of the mining related revenues most of the it comes via O'Donnell Griffins strong rail division which has a very strong & solid outlook within the sector.