you are missing my point.institutional trading is different to...

you are missing my point.
institutional trading is different to retail trading.
If as an institutional broker I have an order to sell down 25mio BEZ shares ( I am speaking from experience many years ago when I used to execute institutional orders) and there is not much liquidity, I have to churn some buy and sell orders to create liquidity.
This churning usually draws in other types of traders ( I am not going into detail here of the different types of traders).
Then what you can do is buy say a million shares and the price moved up a cent or two and this attracts more buyers.
when you think you have attracted enough bidders you then dump say 3mio shares so net you have reduced the amount to sell now to 23mio.
This is what I think I have been observing since the day Pangea started selling.
The broker may buy a bit in the morning then late morning put the Pangea sell order through for several million shares.
If there is enough buy interest they do it again in the afternoon.
The broker has managed to reduce the 25mio CDIs as per your post down to 9.9mio as of the 29th September (remembering another roughly 40mio are still in escrow until next week).
This is why on a previous substantial shareholder notice there were some small buy trades and some big sell trades.
I try to research and find the evidence and like you said your also observing the larger buy and sell trades.
Don't forget you also have computerised bot trades and institutional short sellers also muddied the daily transactions so makes it much harder to pick out the Pangea trades until they put up a notice.
by the way Pangea is using an institutional broker who is generally not using the ASX but is coming through as CXA trades on the CBOE exchange.
I hope my explanation helps a little.
Good luck with BEZ as I am just looking through the near term transaction noise into next year.