The registry shows the top 20 holdings in regards to units per holding account. An individual may hold enough shares to qualify as a member of the top 20, but have it spread across multiple accounts so as to have no single account holding a top 20 parcel. It can be sometimes used to mask accumulation, as they don't want to appear to be taking a position.
The flip side is that if you own 5% of the company, no matter how many accounts the collective holding is spread across, it still has to be reported as a substantial holding. To this effect, the company can theoretically have substantial holders that don't show up on the top 20 lists.
Hunt held the shares through two accounts, and my IRESS data shows he hasn't sold a single share as if Nov 31st.
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