were have they gone

Prior to the OPES mishap the Top 20 shareholders commanded 450m shares. Now they only have 265m.

So where have the 185m shares gone? Some 235m were sold by ANZ Nominees in recent months.

Rumour has it that both local and overseas players are hiding under the 4.5m mark in order not to appear on the Top 20 exposure list. If that is the case then that equates to about 40 such investors.

What is their motivation?

When will they show their hand?

Are they preparing for a company takeover?

There are so many questions to be asked about ADY as the sp sinks to a three-four year low and long term investors become concerned.