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Significant Shareholders

As at 22 November 2018, the latest practicable date prior to publication, Tungsten is aware of the following holdings of significant shareholders in the Company (as defined in the AIM Rules). These figures are based on its most recent analysis of shareholders as at 22 November 2018, and other notifications to the company. For clarity, shareholdings are shown separately from holdings in financial instruments, where disclosed.

  Shareholdings as at 19 July 2019 Financial Instruments notified Total
Shares % Number 1 % Holdings %
1. Odey Asset Management 17,378,652 13.78 945,154 2 0.75 18,323,806 14.53
2. Mr Edmund Truell 16,483,199 13.07 4 - 16,483,199 13.07
3. Majedie Asset Mgt 7,503,166 5.95 - - 7,503,166 5.95
4. AXA Investment Mgt (Paris & London) 5 7,502,621 5.95  - - 7,502,621 5.95
5. Artemis Investment Mgt 6,498,906 5.15 - - 6,498,906 5.15
6. Miton Asset Mgt 5,334,722 4.23 - 5,334,722 4.23
7. Invesco Perpetual Asset Mgt 5,136,930 4.07 - - 5,136,930 4.07
8. Hadron Capital 4,328,457 3.43 - - 4,328,457 3.43
9. Herald Investment Mgt 3,960,000 3.14 - - 3,960,000 3.14


Total voting rights or share equivalent.

945,154 shares equivalent held via CFD’s, reported to the Company on 15 July 2019

Edmund Truell’s holdings disclosed above represent both his direct and indirect holdings including investments via Disruptive Capital Investments Limited ("DCIL")

4 DCIL previously notified the Company of its interest in relation to 6,000,000 shares that are subject to a Loan Facility entered into with Equities First Holdings LLC (“EFH”) in October 2016 (“the Loan Shares”), as most recently reported to the Company on 19 April 2018. DCIL has notified the Company that it does not have voting rights in relation to the Loan Shares until such shares are returned to DCIL under the Loan Facility. The Loan Facility will mature on 11 January 2020, although can be terminated earlier in the event of a cash offer for the Company.

AXA London shareholding 4,681,986 (3.71%), AXA Paris 2,681,635 (2.24%) holdings combined for purposes of this table.