shares, page-9

Barry had long held big position from PXA which was sold to BG/QGC and royalties from PXA formed basis of Phoenix. However that position was overtaken by Anglo Pacific taking 10% stake at 25 cents and now Anthony Wooles has a big stake; along with the founding MD of Phoenix, Andy Carroll has about 6% and other big holders include Geoff Lowden (found Lihir) and Cairnglen (Peter Woodford ex JB Were). Two sellers "dumped" one on the first afternoon and one on Tuesday afternoon. Now it has settled down and lets see where it goes from here. Royalties are all cash flow positive some with big upside - like bank dividends only better! there is huge global demand for steady cash flow, and royalty companies - see Franco Nevada et al