Moving from a lower holding group to a higher holding group...

Moving from a lower holding group to a higher holding group requires buying. We are seeing this at the top of the register.

The holding by as many as possible of the 91.1% in the top two groups is important because IMO this reduces supply of shares. The alternate source of supply is then the 8.9% of shares in the slower echelons of the register (in the absence of new shares being issued in a C etc). Even with BG selling via Shaws 872,941 shares in the period 1 January to 31 March we had the 100,000+ group increase by 2,674,889 shares. We don't have enough info to determine proportions in this group buying (increasing shareholding), holding (no change) or selling (reducing shareholding).