top 20. 24/12/2010, page-6

the big issue we s/h had wrt Top20, was that we had a very major institution (ANZ affiliate) which had vented its displeasure with ICN mgt at the AGM.
My expectation was that they would gradually dump their shares.
their s/h was held through JP Morgan Nominees.

it appeared that there has been consistent downward pressure on the ICN SP, and one could expect that it was coming from a large s/h being fed into the market.

If ANZ affiliate was selling, one would have expected to see that JP Morgan s/h drop substantially - but it has not happened !

to me thats a very good sign - they seem to be holding in there, in spite of their displeasure. these guys are infrastructure specialists.

it seems from what Gassed has been saying, that the selling has come from elsewhere.

as someone above also said, that the JP Morgan balance could have been affected by other holders, (ie ins and outs), but I think the balance would have been much different.

cheers