"But I think your wrong about "instutional investors". Considering what's happened in the last 18 months, I can't imagine one mutual fund or hedge fund manager even looking at us right now."...

See below... SGX actually does have strong insider/institutional/fund support... I have checked many of the most recent financial statements for these funds as at June 30, 2009 and it would seem that many of not all still do own these SGX shares... 32.1%... and remember this is just a list I could find... could be higher.

red911

SGX Share Structure...

Further to fact that it's more important who owns the shares than how many are outstanding... cross-referenced stockwatch.com 'holders' list (which is rarely complete or up-to-date) with latest December 31st documents from sedar and insider reports from sedi and came up with the following... keep in mind this is not a complete list by any means... just what I came up with in an hour or so work...

At least 32% of SGX shares are held by institutions or fund or insiders or Kinross Gold Corp... on a fully-diluted basis this number is likely higher because it is these same entities who also typically hold options and warrants. A further 13.4% will be held by CPW-v shareholders other than Kinross, Firebird Republics Fund, and CPW-v insiders. Assuming a large portion of these also held by Eurpoean funds and institutions (as CPW-v was very thinly traded) then I think we can assume upwards of 40% of SGX shares are held by institutions or fund or insiders or Kinross Gold Corp. Remember, this is an 'at least' number based on what I could dig up this afternoon. In all likelihood it is higher.

Tell me this is not significant.

Question not 'how many' but 'who owns them' IMO. See if you can find anymore holders not on this list.

red911