Ann: Global Phase 3 Trial of Presendin to Launch in Q4 2021, page-159

That's not exactly true - see below table comparing Oct '21 against Aug '20. Overall, Top 20 has sold down by 4mn led by one or more investors using HSBC, followed by JK Nominees, JP Morgan, Citicorp and Anthony Grist.

Even without looking at the data, it's intuitive that you'd need shareholders with sizeable holdings to be selling down to enable the persistent supply on the sell side. Also note that some investors may have their holdings spread across more than one account (e.g. Merrill Lynch plus Bell Potter). Those 2nd and 3rd accounts may not necessarily feature in the Top 20 - meaning sales from those accounts cannot be accounted for by simply referring to the Top 20.

	Position	Title	Oct '21	Aug '20	Delta
1	1	Tattarang	8,846,154	8,846,154	-
2	2	Tisia Nominees	4,000,000	4,000,000	-
3	3	Jason Loveridge	3,374,462	3,374,462	-
4	4	David McAuliffe	3,350,001	3,350,001	-
5	5	Anthony Grist	3,000,000	3,597,700	-597,700
6	5	JK Nominees	3,000,000	3,900,000	-900,000
7	6	Alexandra Sinclair	2,500,000	2,500,000	-
8	7	Kathryn Salkiild	2,293,000	2,293,000	-
9	8	University of Birmingham	2,000,000	2,000,000	-
10	9	Bannaby Investments	1,625,000	1,625,000	-
11	10	Sunset Capital	1,448,175	1,466,456	-18,281
12	11	BNP Paribas	1,390,000	1,220,000	170,000
13	12	CS Third Nominees	1,350,255	702,244	648,011
14	13	Citicorp Nominees	1,317,561	2,029,472	-711,911
15	14	Cityscape Nominees	1,250,000	1,173,781	76,219
16	15	Sandhurst Trusteesx	1,081,924	1,081,924	-
17	16	Peter Kyros	583,616	-	583,616
18	17	Palla Nominees	580,000	-	580,000
19	18	HSBC Custody Nominees	561,184	4,527,443	-3,966,259
20	19	Magaurite Pty Ltd	560,000	-	560,000
21	20	Alexandra Loveridge	520,122	-	520,122
22		JP Morgan Nominees		875,000	-875,000