Research, page-831

Perhaps I can shed some light on this. Substantial holders are a seperate heading because anyone who holds more than 5% needs to be clearly identified under Corps Act. As you might guess there is more scrutiny for who is identified as a substantial holder than a top 20 holder. This can sometimes result in differences (basically because of nominees/trustees etc). Without trying to pick apart Nick's legal structure it is safe to say JP Morgan is him because no one else has over 5%.