I have been looking at the changes in the Top 20 shareholders of...

I have been looking at the changes in the Top 20 shareholders of QMN from Oct 2008 through to Oct 2011. These are summarised on the following spreadsheet slide:

http://www.slideshare.net/qmnshareholder/qmn-top-20-10056956

The reason I have done this is that I will be reassessing my investment in QMN over the next 6 months and want to try to better understand who has and has not changed their holdings and how the structure/breakdown of the Top 20 has changed over time and if any conclusions can be arrived at after looking at the Top 20 over time.

I have observed a few points and have linked to the spreadsheet so others are maybe able to offer more comments on the changes. This may help us understand the evolution of this part of the share registry better.

So my observations are:

Howard Renshaw has not brought or sold any stock.

Cudeco sold out at a loss? (I am pretty sure it was a loss but I have not checked the various announcements to confirm this).

Simon Gilbert (a former consultant to QMN) appears to have sold up to 6,100,000 shares. Is Simon still a consultant for QMN? anybody know?

Approx 27,000,000 shares from the current Top 20 have been held since 2008 (excludes HR's shares)

The remaining shares have been acquired since late 2008 and at almost certainly at a lower average cost.

83,000,000 shares have been held for less time and should be at lower capital loss than the original investors - not that this is good result but more recent holders aren't hurting as badly as the long termers.

Of the original 2008 Top 20 (which was 21) only 5 still hold all/most of their stock (excludes HR)


Disclaimer - I have tried to ensure that the spreadsheet is 100% correct but it has a fair amount of data and may have unintentional errors - I will update the spreadsheet if an error is found (let me know).

The spreadsheet assumes that when a Top 20 shareholder fails to appear on the following years summary either:

1) the threshold has changed and they are no longer a Top 20 but may still hold (and no conclusion regarding selling has been made).

OR

2) if they are no longer on the Top 20 and their previous holding would indicated that they should still be I have assumed that they have sold all their shares (when if fact they may have only reduced their holdings below the new threshold).


Newbie Thomas