This institutional manipulation talk is bunk, page-72

Quite a few of the holdings appearing in the 2017 Top 20 list are not independent of the Company and some could not be considered simply as discretionary institutional accounts.

J P Morgan Nominees (33,085,222)
The 2016 top list included 20,400,000 shares held in a Ms Joanne Ellen Rezos account. Appendix 3Y releases during the year show that account name to have changed after March to Vivien Enterprises Pty Ltd and increased to 21,300,000. The holding does not appear in the 2017 list and there has been no notice of any sell down, so clearly it has been transferred across into the J P Morgan Nominees envelope.

Korcula (BVI) SA (4,812,000)
Korcula is one of the companies involved with the formation of Alexium through the reverse takeover of ETW in 2009. Its stated owner is Steve Ribich, the original CEO of Alexium International.

Piper Bachanan Ltd (5,431,500)
Another of the companies involved with the 2009 reverse takeover. Its has been gradually selling down since 2013 when it held 14.5 million. Its holding in 2016 was 10,863,000, which has since been halved such that a new account (MK & HP Thomas) now appears with 5,431,500 also held.

Both Korcula (UK) and Piper Buchanan (Caymen Islands) are described as companies that own, develop and market patent applications.

Geonicclark Pty Ltd (5,678,154)
Nobilitas Pte Ltd (3,216,000)
Former CEO Nick Clark’s super and company holding accounts.

Floreant Ambo Pty Ltd (4,675,000)
Company Chair Rezos’s family super account.

Mr Robert Neal Brookins (2,581,000)
Vice President R&D personal holdings.

Bond Street Custodians Ltd (2,165,695)
This now appears to be the local custodian holding account for shares backing the Company’s US ADRs. ABN AMRO Clearing Sydney Nominees PL is shown in earlier years as performing that role.

HSBC Custody Nominees (Aus) Ltd (10,000,000)
HSBC Custody Nominees (Aus) Ltd (8,899,753)
Difficult to determine the roles played by these two HSBC accounts. They have appeared in the top 20 for years. There may be some ADR involvement or a requirement for quotation on the Frankfurt Exchange. The Euroclear holding is unchanged from 2016, while the local account holding increased by 1.5 million. That the Company Chair is former Investment Banking Director of HSBC may have relevance.

National Nominees Ltd (2,264,129) has halved its holdings since last year.

Citicorp Nominees Pty Ltd (2,556,564) holdings have changed little over the last few years.

Not a lot of evidence there that I can see for significant discretionary institutional accumulation. I do agree that the SP is continually being manipulated, but that is a common feature across the ASX small caps.