HSBC Custody Nominees holds the assets of institutional investors so it's extremely likely that they hold AVR shares for L1 as well as other institutions and are not invested in Anteris themselves.
As to iceman's post, I strongly disagree that the share price being at $10 instead of $30 is a failure. IMO benchmarked against the bulk of clinical-stage companies I'm aware of, a $630 million market cap is unrealistic to expect of a company that's probably 4 years from commercialization. The cap is down about 45% from the high during 2022, which to me seems like a result of investors realizing the probable timeline to approval and the resultant amount money that will need to be raised to get there. The process is progressing well, the questions are whether investors think Wayne will be able to raise money or not and, if so, are they patient enough to wait for the process to play out.
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