It can also be someone offloading,buying,passing on or pressing price down etc!
I would have thought If it is someone snapping up cheap shares over the past year we could have seen a new substantial holder come through.
Maybe a top 20 list needs to be looked at to see If they are adding.
I have a check comming soon so I hope the share price is still lower then, due to an average price of 23.5 i need to really average down.