A billion shares on the market. Not all 1 billion are available...

A billion shares on the market.
Not all 1 billion are available to investors/traders.
Only a proportionately small percentage of that 1 billion is available.
I also notice accumulation by the top 20 shareholders since the top 20 report of last year.  

Information pasted below:  link here: https://www.copyright link/research-tools/ISX/shareholders

(i) The majority of ISX shares are owned by the top 20 shareholders. (I hope the top 20 buy back more shares and hold a greater percentage in the future.)

(ii) A portion of other holders - HotCopper posters - some of the longer term HC investors have stated over the past few years and recently, that they own near to or more than a million ISX shares in their portfolio - either privately held and/or in superannuation funds including SMSFs.  There would be many outside the published top 20 who also own more than a million ISX shares.

(iii) Other holders are fund managers e.g. Regal Funds and other institutional investors/advisors who have been recommending buy strategies since early 2018.  Obviously some other managed funds/institutional investors have/and are also buying into ISX.  

I believe that similar to last year, this year ISX is a tightly held company (given the percentages below) and regardless of the number of listed ISX shares, very few, volume wise, will be available to new investors in the future.

ISX : ISIGNTHIS LTD Shareholders Shareholder Activity - Source Australian Financial Review
ISIGNTHIS LTD

ISX  $0.60 +8.18% Last updated 24/05/2019 4:41:20 PM (Data is delayed)
Substantial Shareholders at Last Notice ISX

	Name	Last Notice Date	Share Holding	Shares Held (%)
1	Red 5 Solutions BVI Limited	12/03/2019	112,500,000	10.43
2	Ubs Nominees Pty Ltd	12/03/2019	66,121,856	6.13
3	LHC Capital Partners Pty Ltd	2/04/2019	89,454,990	8.29
4	Select All Enterprise Limited	29/04/2019	446,797,754	41.43

Substantial Shareholder Transactions By Month ISX

Shareholders Buying ISX

	Name	Date	Previous (%)	New (%)	Shares Traded
1	Select All Enterprise Limited	29/04/2019		41.43
2	LHC Capital Partners Pty Ltd	2/04/2019	7.23	8.29	11,627,103
3	LHC Capital Partners Pty Ltd	28/12/2018	6.23	7.23	10,801,392
4	LHC Capital Partners Pty Ltd	5/10/2018		6.23
5	Red 5 Solutions BVI Limited	6/09/2018		12.93

Shareholders Selling ISX

	Name	Date	Previous (%)	New (%)	Shares Traded
1	Red 5 Solutions BVI Limited	19/02/2019	12.07	10.45	17,500,000
2	Deutsche Bank AG and its related bodies Corporate	29/08/2018	5.00

Top 20 Shareholders ISX

Top 20 Shareholders as at 12/03/2019 ISX

	Shareholder	Effective Date	Capital (%)	Shares	Notes
1	Isignthis Ltd (Bvi)	12/03/2019	41.44	446,797,754
2	Red 5 Solutions Limited	12/03/2019	10.43	112,500,000
3	UBC Nominees Pty Ltd	12/03/2019	6.13	66,121,856
4	Citicorp Nominees Pty Limited	12/03/2019	3.08	33,204,287
5	HSBC Custody Nominees (Australia) Limited A/C 2	12/03/2019	3.04	32,804,784
6	Icebreak Flow Global Limited	12/03/2019	2.19	23,615,783
7	J P Morgan Nominees Australia Limited	12/03/2019	2.12	22,820,590
8	Merrill Lynch (Australia) Nominees Pty Limited	12/03/2019	1.89	20,368,983
9	Vastium Holdings Limited	12/03/2019	1.42	15,291,597
10	Ms Merle Smith & Ms Kathryn Smith	12/03/2019	1.11	12,000,000
11	Cili Padi Limited	12/03/2019	0.94	10,104,633
12	IFM Pty Limited	12/03/2019	0.93	10,000,000
13	HSBC Custody Nominees (Australia) Limited	12/03/2019	0.88	9,469,545
14	Brispot Nominees Pty Ltd	12/03/2019	0.74	7,926,328
15	Bannaby Investments Pty Limited	12/03/2019	0.61	6,600,000
16	Champio Pty Ltd	12/03/2019	0.48	5,138,574
17	Mr Ian Tetro	12/03/2019	0.43	4,666,667
18	Mr Craig Graeme Chapman	12/03/2019	0.38	4,118,147
19	Ithaki Nominees Pty Ltd	12/03/2019	0.32	3,500,000
20	One Managed Investment Funds Limited	12/03/2019	0.32	3,448,275
21	Total Held by Top 20 Shareholders	78.88	850,497,803

Top 20 Shareholders as at 7/08/2018 ISX

	Shareholder	Effective Date	Capital (%)	Shares	Notes
1	Isignthis Ltd (Bvi)	7/08/2018	44.47	297,143,100
2	CITICORP NOMINEES PTY LIMITED	7/08/2018	6.22	41,571,018
3	UBS Nominees Pty Ltd	7/08/2018	5.97	39,881,280
4	HSBC Custody Nominees (Australia) Limited	7/08/2018	1.88	12,579,476
5	Ms Merle Smith & Ms Kathryn Smith	7/08/2018	1.65	11,000,000
6	Brispot Nominees Pty Ltd	7/08/2018	1.58	10,559,379
7	HSBC Custody Nominees (Australia) Limited-A/C 2	7/08/2018	1.55	10,332,085
8	J P Morgan Nominees Australia Limited	7/08/2018	1.54	10,281,723
9	IFM Pty Limited	7/08/2018	1.50	10,000,000
10	Bannaby Investments Pty Limited	7/08/2018	0.99	6,600,000
11	Champio Pty Ltd	7/08/2018	0.77	5,138,574
12	Mr Ian Tetro	7/08/2018	0.70	4,666,667
13	Ithaki Nominees Pty Ltd	7/08/2018	0.52	3,500,000
14	Mr Myung Park & Mrs Youn Hee Kim	7/08/2018	0.43	2,880,000
15	Whistler Street Pty Ltd	7/08/2018	0.40	2,700,000
16	National Nominees Limited	7/08/2018	0.36	2,395,750
17	Mr Duc Hong Nguyen	7/08/2018	0.32	2,142,311
18	Surf Coast Capital Pty Ltd	7/08/2018	0.30	2,000,000
19	Mr Peter James Grimshaw & Mrs Carlene Brenda Grimshaw	7/08/2018	0.29	1,950,000
20	CS Fourth Nominees Pty Limited	7/08/2018	0.27	1,814,298
21	Total Held by Top 20 Shareholders	71.71	479,135,661