Ann: Change in substantial holding from HHL, page-4

'I can't work out where all the buyers r coming from.'

Exactly, but come they do.

If you sum the sell downs from PPL, HH and the good Dr over the past 2 years, that is a fair chunk of equity, and the SP has gone up > 200% in the meantime. There would, IMO, have been a fair amount of retail / other insto selling over this period with folks taking some money off the table to lock in some profits.