All I really care about is the headline number that anyone one...

All I really care about is the headline number that anyone one entity is recorded as owning. I do not try to dig down and disseminate what they have bought, sold, loaned or otherwise. I can't see how anyone can possibly make heads or tails of that. As stated previously I think it would be a complete travesty if PNV were to be taken over. So on that basis, I keep a close eye on the register. As a very large holder of PNV I have access to the register and as such I request on an ad-hoc basis the top 200 and are given this without question. Please understand it is given to me in confidence and I am reluctant to divulge too much for that reason. However, having said that, the top 20 or 25 are fairly freely available and I see no issue in divulging in fairly broad terms these entities, individuals and their respective holdings.

In short J P Morgan have been on the register for quite some years. Their holding fluctuates significantly, depending on their whim at the time. The most unusual thing from my perspective, in regard to todays notice, is that this is the first time I can recall them declaring their significant holding. Doesn't mean that there weren't any previous announcements, that were possibly missed by myself.

The following are their holdings for the last few years.

16-09-22 40,184,516 6.07%
01-07-22 38,182,927 5.77%
17-05-22 30,500,451 ? Source @kickit2me
18-11-22 40,491,514 6.12%
01-07-21 48,801,038 7.38%
19-04-21 46,155,812 6.98%
31-12-20 55,541,982 8.40%
30-01-20 41,841,260 5.09%
22-08-19 33,667,129 5.09%
08-07-19 22,148,683 3.35%
03-06-19 22,099,370 3.34%

As you can see it fluctuates significantly. One holding at any one point in time in isolation means little to nothing. Over time however you can begin to see patterns. HSBC, Citi, BNP Paribas Noms and National Nominees have all been and currently also have large holdings. All of which also fluctuate. Not necessarily in unison, that is for sure.

Finally, from my amateur eye, I don't see a prospective suitor building a stake in PNV, with a view for a hostile takeover. As others have noted previously, the top fifty shareholders are surprisingly stable and hold on average approximately 50% of the company. That has been the case for some years now. And would present quite a hurdle for anyone large predatory corporate to over come, I should think.

DYOR yarda, yarda, yarda.

GKP.