Ann: 2023 Annual Report to shareholders, page-37

IMO it is actually as clear as mud who owns what with respect to the top 20 shareholders/substantial holders.

4 of the top 20 listed holders appear to be high net worth individuals so that much is relatively straightforward.
16 of the top 20 listed holders of quoted shares are custodian banks, super funds or investment firms with who knows how many individual clients.

The only entity with a substantial security holding is Milford (5.088%) who aren't even listed as a top 20 shareholder and therefore must have their holding through one of HSBC, JP Morgan or Citicorp or a combination thereof.

Interesting to note HSBC holds 2 accounts in the top 20 and has transferred the majority of the second account holdings to the primary account in the last year and that the holding for which HSBC is responsible has significantly increased to now 17.65% of listed capital.

Also interesting to note that Dr Trevor Scott has disappeared from the top 20 list. We know he sold a million shares last year after FDA approval, he appears to have dropped at least another 600000 more recently.

As I said clear as mud. I agree that institutional ownership is steadily increasing at expense of smaller retail holders but as far as I can tell if an individual entity is building a stake they are definitely doing it on the sly. Appreciate any comments - maybe a question for the AGM??