ksts, there's a bit more free float than that. I checked the AFR for Top 20, and 25.79% are other retail holders, so 74.21% are the Top 20, which includes JP Morgan with a few accounts, totalling 10.5%, and HSBC with a few accounts, and totalling 8%. National Nominees is in there, and so are some other investment companies.
25.79% is not a lot of free float, but some of the Top 20 probably shift money around, too. Agreed, though- it is not the most liquid of shares. :)
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