I recently obtained a copy of the register from the company....

I recently obtained a copy of the register from the company. They are required to provide a copy to anybody who pays the fee (currently just over $300). I can assure you that the big shareholders are increasing their holdings. The Top20 have increased their overall holdings by more than 500,000 shares since the last annual report. The top20 now hold 69% of the company. So, the big holders are "bolted on supporters" too. I think the slide in the share price is primarily due to smaller holders losing patience and selling. I think Robert Friedland once said there are two types of shareholders in the world - owners and temps.