There are rules governing trade transactions, and no listed entity would be able to specify terms allowing off market trading in a way you’re suggesting..
So unless those big investors (not retail but 708s/Instos) are participating in capital raises with a discount, or converting options (whereby a 2a notice would be announced), they have to buy on market..
The only caveat is an off market trade transaction, but they are still reported and regulated through legislation and brokers.. In the context of your post, the process is usually reserved for transferring between those big investors holding accounts..
Any change in substantial holding (ie those who hold 5% or more of issued capital) of +-1% requires disclosure to market and that includes off market transactions..
The broker data tells me that usual retail have the largest transactions from 01/01/2021 - 20/07/2021
Some non usual retail brokers on average sold at a loss either on behalf of clients or out of their own capital..(Morrison as an example)
