Looking at the top 20 for the last year and a majority haven't...

Looking at the top 20 for the last year and a majority haven't traded over the last 12 months.

Since the last QTR

Empire holdings sold 700,000 (700,000 left)

PATER INVESTMENTS sold ~150,000 (1,125,000 left) previously unchanged since Oct 08

CITICORP sold ~2,600,000 this QTR and ~2,000,000 last QTR (925,000 Left)

PAGNIN PTY LTD dropped out of the top 20. (they had 500,000)

SANDINI dropped out of the top 20 (they had 970,000 and were a long term holder)


Increases

CS FOURTH came in with ~1,000,000
EYE INVESTMENT CORP 6,780,000

other holders have been marginally increasing or holding steady and are unlikely to sell out now if they didn't sell when it was over $1 a couple of weeks ago.

If it is a genuine seller it’s likely to be CITICORP, PATER INVESTMENTS or EMPIRE Holdings. If not it’s an accumulator. A lot of 20,000 and 50,000 orders have been placed just below the current price that weren't there on Friday morning...