Most top 20 understand and know the huge potential and underlying value this company has
some on this forum may also choose to note the visiting the registry during the year does not necessarily give a true picture of holdings and comparing one years annual report to the next whilst gives some indication may again not reflect a correct picture for comparison purposes.
larger investors may choose to be included in an investor group (where some or all of their holdings in different entities they control are added together ) while others choose to have them shown individually.
If all had chosen to be in an investor group the top 20 would show a different picture and as would if all chosen not to be.
The bottom line is that confidence is high will the top 40 and so it should be.
cheers
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Currently unlisted public company.