In Sep-2017 the Top 20 shareholders held a combined 280m shares....

In Sep-2017 the Top 20 shareholders held a combined 280m shares. As at 28 June 2019 they held only 202m shares, a drop of ~78m shares.

In the 2018 Annual Report RC was listed as having a whopping 890k shares. Macquarie's main arm (Metals Mining & Ag A/C) haven't been selling either.

Here's who has been selling in that period however;

Merril Lynch Nominees - down 44.8m
JP Morgan Nominees - down 14.4m
HSBC Custody Nominees - down 11.3m
Citicorp Nominees - down 4.7m

That would of course be the big insto's, who obviously have lost faith.