'I can't work out where all the buyers r coming from.'
Exactly, but come they do.
If you sum the sell downs from PPL, HH and the good Dr over the past 2 years, that is a fair chunk of equity, and the SP has gone up > 200% in the meantime. There would, IMO, have been a fair amount of retail / other insto selling over this period with folks taking some money off the table to lock in some profits.
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