You're on the right track ....and I would just twig your figure work by breaking it down a little bit further. So using your traded turnover shares figure of 2,702,689,775 from the 8th of January and your reference to the Top 20 figures - I would put that all in perspective as follows :-
Since the Last Top 20 taken as at 1st September 2019 , the changes to the Top 20 as represented by the number of shares held - ie the movement = an increase of 461,124,574 up to the 31st January 2021 .
At the same time , there was a increase or movement in total number of shares on issue of 779,021,726 - ie from the total number of shares on issue of 2,803,933,159 at September verses what they were at 31st January being 3,582,954,885.
And this makes sense as since then and NOT including the most recent 3 x appendices 2A's issued on 1st February for a further number of shares issued of 156,805,341, there had been a total of no less than 7 issuance's since September 1st to 31st January totalling 769,418,568 NEW shares.
There was then a further 9,603,158 issued as a result of 5 conversions of listed and unlisted options summing up a GRAND TOTAL of shares issued during this time of 779,021,726.
At the same time , there was a total of 78,164,565 shares sold by Directors including 32 million from Buckler , and who were also Top 20 holders as well as another 32,179,503 sold down by our previous Top 20 No. 1. holder in Terryjoy Pty Ltd < T & J Super Fund >.
So that's a total reduction to the Top 20 by way of Directors selling and whatever Terryjoy are supposed to represent of 110,344,068
Offsetting this then since September 1st 2019 or the last Top 20 , was the other BIG movers being Accuity who added close to 50 million more , J P Morgan also up approximately 54 million , Merrills virtually doubling with their increase of 28 million more shares , and Citicorp and BNP rounding out the increases with roughly 12 million and 7 million respectfully. Offsetting this was the removal of BNP's other holding balance of 37 million which previously sat above their smaller holding.
Interesting that Early Morning Enterprises Pty Ltd < Earn Morn Trust > went up an exact 12,500,000 as a result of the FIRST appendix first 2 A issue to Mr. Brett Lynch announced on 2nd Nov 2019. So this issue effectively reduces the Net Director's selling amount to ONLY 65,664,565 share or less than 2% of the current total.
So that's 150 million then added by the previous Top 20 holders who who are still current Top 20 holders , and therefore have not sold any as against the 37 million reduced from Top 20 by BNP.
So I would summarize the above numbers this way:-
Total Amount Issued to ' Insiders & Top 20 = 779,021,726
LESS Amount Disposed by Top 20 & Directors = ( 65,664,565)
LESS Isolated Terryjoy Pty Ltd < T & J Super > = ( 32,179,,503)
ADD Increase of Top 20 Insto oldings(approx) = 150,000,000
LESS Decrease in Top 20 Into holdings (actual )= ( 37,868,217)
Total Net movement in Shares Outstanding = 813,309,441
LESS Net movement Increase in Top 20 = ( 461,124,574 )
Amount re-distributed to Holders outside Top 20 = 352,184,867
( by definition and approximated )
So effectively , of your 2,702,689,775 shares turnover in more or less 1 month of trading .......a figure which is 7.67 times more than the 352,184 867 'shares which have been re-distributed ' to other holders and 3.47 times that of the total amount of shares issued to insiders has resulted in an increase of only 461,124,574 shares in the Top 20 at 31st January .....of which the issue to Piedmont represents 72.9% of this entire increase. So what then should we say about all the other volumes traded since 1st September and 8th January which would be HUGE.
So yes I would agree that this has made the register much tighter just outside the Top 20 , and so therefore overall. But I would also argue that a lot of this turnover has largely been cosmetic with on the surface not much bang for the buck if you like with regards to where we're currently at with the Top 20. Having said that , it would be interesting to see who is sitting just outside in the shadows.
The only thing I would add to ALL this and the reason I specifically isolated Terryjoy < T & J Super > balance as per above .....is the fact that in all my research and scouring through virtually every single announcement Sayona has ever made since 2012 / 2013 , is the fact that you will not find ONE single change in substantial notice ....up or down during this time.
And in ALL of this time ,they have held virtually the exact same balance as Alan Buckler's combined holdings. So when you go right back you will see that these TWO holding balances virtually ' mirrored ' each other from the outset. And then when he sells down part of his stake as seen in his recent sale of 32,000,000 shares .......you have almost the exact same amount of 32, 179,503 being sold down from Terryjoy. All except that we have still not received a change in substantial holding notice , nor do we really know who is behind this Entity Terryjoy. But obviously they have followed Buckler's moves to an absolute ' T ' since the very beginning ......even to his most recent sale.
So I would ask myself ' what's up with that ' Buckler........
(20min delay)