So that means institutions are indeed around 4%, and it seems...

So that means institutions are indeed around 4%, and it seems that those institutions are ones which run index funds, so they have to own shares now NEU is in the ASX 200. It also suggests that they are passive owners which to me suggests that they are unlilkely to be terribly interested in the outcome of any takeover, unlike Little T's scenario of institutions which hold 40% and who are looking to move to a 50% plus position by buying up small investors. Also, the graph in the Fintel report shows almost flat institutional ownership over the last few months, rather than any accumulation. So what's the explanation?