Top 20 Shareholders, page-587

Updated Top 20 posted to Hawsons website.


It appears as though Regal have moved their shares from Merril Lynch to Citicorp.

Given that Regal had approx 45 million shares at the end of Friday 26 May (when they filed their ceasing to be a substantial shareholder notice) and there have previously been approx 30 million shares held via Citi over recent months, and sales volume over recent days, I would guess that at 31 May Regal held approx 20 to 30 million shares.

I am assuming that whilst sales volumes on ASX stay around 5 million per day, Regal is still selling. Any sustained drop in daily volume or material buy depth around 3.5 cents without being hit by sales or increase in share price towards 4 cents without being sold into are the signs that I am looking for to indicate that Regal are out completely. I don't expect prices to stay below 3.5 cents once Regal have stopped selling.