A basic understanding of human behavior tells me a large percentage of the retail base will have turned over since last AGM, heck you can get a sample set from reading hotcopper and see the posters who have said their goodbyes.
Just looking at the T20 tells you what the institutional base is made up of and the lithium and battery focus efts only hold a few percent, they also don't bother themselves with shareholder activism, as a stock loses relevance they just sell down the stake.
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