The number of shares has increased from 520mill to 791mill since...

The number of shares has increased from 520mill to 791mill since Dec 2021 which is up 52% - so you are correct. Top 20 holdings increased from 188mill to 328mill which is an increase of 51%.
Total securities on issue (shares plus outstanding options) have increased by a much smaller degree after the majority of listed options expired without being converted.
I think that's the more important measure because we need to allow for the fully diluted shares when estimating sp targets. Whoever capped the sp recently and caused the majority of listed options to lapse did most shareholders a favour by reducing the fully diluted number of securities significantly. Not so good for the option holders of course - unless they kept exposure to options at a small ratio of total MNB exposure.
On the 22nd of December 2021 there were a total of 671mill shares and options. There are now approx 866milll shares and options combined. That's an increase of 29% of total securities issued.


22/12/2021

1 May 2021 - the MNBC below have now expired.