Thank you for posting the most recent Top 20. I had missed it.I...

Thank you for posting the most recent Top 20. I had missed it.

I do not think that the nominee companies have just disappeared. In speaking with TLG I know they felt that the nominee structure had become too difficult to manage and that invariably it distorted the true picture of the Top 20. Kamberg, Liddell and Pelmer all hold via nominee structures, so are probably still holding. All States Finance now fall below the Top 20 threshold and therefore are probably still holding as my records show they have held since 2015. Australian Executors also probably hold via nominee structures so are also probably still holding. All of these holders, including the nominee companies, accounted for nearly 30% of the issued equity in TLG in the previous Top 20 report from September 2020, therefore this Top 20 list suggests that the Top 20 including all the nominee held stock may now exceed 70%, which makes TLG unbelievably tightly held.

More importantly, my 20 years of international banking experience, including stints in Geneva and New York, tell me that some very important new holders have appeared on the share register, specifically a couple of Geneva based private banks: Banque Pictet and Lombard Odier, and even more tellingly: Charles Schwab and TD Ameritrade from the US. Top of the list of new holders is Kinetic investments from the UK. All of these new holders will have carried out extensive and exhaustive due diligence over several years before committing, so this is a huge tick of approval for TLG's credentials.