I have some more up to date information as I requested an...

I have some more up to date information as I requested an updated copy of the shareholder register. There is one additional entity that also has (significantly) more than 13.7M units and has been accumulating heavily across the past 3 months. Unfortunately, I can't say the name of the entity because sharing the register is not allowed (requests to see the register must be for personal use only). But, the register is available for anyone who requests it. This entity is now the number 1 shareholder.

What I can say is that it is very clear from comparing the register across Dec 2020 to Feb 2021, that shares have been moving from retail hands (selling) into institutional hands. The top 20 has increased its collective holding from circa 200m shares to circa 220m shares. There is one T20 entity that has been accumulating significantly. Meanwhile, only one member of the T20 sold a meaningful position across Dec to Feb and they appear to be a retail investor. Many retail investors in the 100-200 bracket have sold across the past few months - for those people, I unfortunately think that they made a mistake selling at the bottom into uncertainty, fear and a falling share price, with these shares scooped up by accumulators who know the story and have been keeping in the loop - time will tell.

T.E.P.