The nominee account etc got raised in the DT thread, here was a...

The nominee account etc got raised in the DT thread, here was a good explanation by poster Nihilism:

This is the top 20 of GTG. You're assuming the HSBC custody nominees are one person. In fact that's a bunch of funds (mutual or otherwise) that hold peoples money and invest in a range of companies. It's likely that chunk of stock is made up of hundreds, if not thousands of investors and the declaration rules on that chunk of shares as a group is not the same as a single investor. In fact, if they buy or sell shares, they won't have to put out an adjusted holders statement to the ASX because this arrangement only allows proxy votes (i.e. they do not vote as a single entity) and HSBC the bank has no direct or indirect control over the company (GTG).

If one investor within that 81% owned 5% of GTG, they would have to declare separately, (such as S.H. Rayburn did) and would not be a part of that chunk.

That HSBC chunk is not 'off the market' as you assume.

https://hotcopper.com.au/posts/30180611/single