Coda Octopus Group Inc (CODA)

[multivalue]

Oh, and I believe this to be the real key to things. Not bad but motives are probably more $$$ than product. My bold.

Item 15: Beneficial Owners.

At October 31, 2012 the following persons were recorded as beneficially owning more than five
percent (5%) of the issuer’s common stock:

Shareholder Number of Common Stock / (%)

Greenhouse Investments Limited
1st floor, Liberation Station
The Esplanade
St Helier, Jersey JE2 3AS
British Channel Islands
The Controlling Individual of Greenhouse Investments Limited is Michael O’Leary Collins of the address shown herein
24,849,850 / (27.7%)

Solidor Investments Limited(1)
c/o Ecovis Luxembourg s.a.r.l.
56 rue Charles Martel
L-2314 Luxembourg
The Controlling Individual of Solidor Investments Limited is Phillip van der Westhuizen of the address shown herein
15,315,316 / (17.1%)
_________________________
Does not include 11,428,571 shares of common stock issuable upon conversion of Debentures at $1.05 per share. A reduction in the conversion price, which may be made as a result of a renegotiation of the Debentures, is likely to increase significantly the numbers of shares issuable upon conversion thereof.