Legitimate, page-5

I'd say your colleague's name is Jon Snow - he knows NOTHING!!!

Firstly, to name just a few Australian large companies that are possibly just a little dodgy - CBA (advisor scandals), Crown Casino (allegations currently made in parliament), Rio Tinto (possible corrupt Guinea), etc. Size does not equate nor correlate to dodginess.

Secondly, nominee accounts can also be for mandates of larger fund managers, so if he says that nominee accounts indicate that they are exclusively held by individuals, he is bullshitting you.

Thirdly, as to what I think about the premise that having top 20 institutional shareholders to be a valid indicator of good corporate governance?!? Really?!? For me one of the most satisfying experiences when investing in small cap stocks is to discover a stock BEFORE it is found out about by the institutions.

Until the day that Talga generates meaningful revenues - or even better profits - it is a hot punt that rides on sentiment. If you are concerned about dodgyness, I believe other secondary indicators might prove more helpful than a "Top 20 Shareholder Analysis". What is the track record of Talga's Directors and management? Have they created or destroyed shareholder value in the past? What does Talga's remuneration structure look like relative to its peers? How simple is the corporate structure of the business? How meaningful are "related party transactions"? Is the company meeting self-declared milestones or are goal posts continuously re-set?

Finally, for a business with no revenues, no profits, no dividends, no commercial products, no off-take agreements, at a price of 64 cps up from 26.5cps less than a year ago - I'd say Talga is flying!