Opinions about ALB Scheme of Arrangement, page-301

It is interesting to do a comparison of LTR shareholder information to see how it has changed from 2022 to 2023.

The number of small retail shareholders and the total shares held by them has not changed significantly.

At the ‘big end’ it looks like some of the (identifiable) holders may have exited.

GR is now a significant holder of 7.72% and State Street (whoever they are really acting for) 5.11%

Who have been the likely sellers to these major holders?

Looking at distribution of holdings, its my perception that these 2 major holders have most likely acquired their shares from those holding over 100k, 10-100k shares and to a smaller extent 5-10k shares.

What is the possible implications ....

The voting power of 97.5% of the shares has become concentrated into a smaller number of holders, but the %age of company held by the class of ‘bigger’ shareholders has not markedly changed.

In a SOA meeting vote, the huge number of small (retail) shareholders (1 HIN =. 1 vote) clearly control the future of the company provided they can be encouraged TO VOTE as to pass it needs support of over 50% of the shareholders (by number) who vote.

The ‘big end of town’ & suits can vote their desires with their 97odd% of shares ... to no avail in a SOA meeting.

I hope and anticipate LTR will be mining for the benefit of its shareholders, not ALB.

LTR Shareholding comparison

2022 Annual Report

2023 Annual Report

Top 20 Shareholders

2022

2023