Ann: AR9 Awarded $528k Contract with BAE Systems Maritime Aus, page-44

It’s unlikely institutions have any major holding in AR9. It’s just way to small to fit the rules or regs for major institutional holdings. Small boutique fund managers focused on start ups may invest but until this is a Top 100/200/300 stock most institutions are prevented from entering. From the look of the Top 20 I see 3 of the 4 big custodians holding but the big 4 custodians own half of the ASX. These are not to be confused as institutional holdings but simply they are acting as custodians for individuals and companies who wish to be nameless. There are numerous reasons why that may be the case. That’s ok as rapid movement in price with these micro-caps typically come via retail FOMO.