Ok if we accept that there is a patient investor, the company...

Ok if we accept that there is a patient investor, the company would see this in their assessment of the trading.

If this investor is using multiple accounts then a pattern would emerge.

If this investor is using a third party account - multiple brokers accounts - then at some point these accounts would start to show up in the T20 for it to be a reasonable sized holding, collectively that is.

Sure it is possible for someone to sit outside the T20, HP holding according to the last T20 was 14% of SOI.

There are 2 BNP noms accounts for a total of around 6.2m or 3.68% then there is nothing else. To have accumulated a decent chunk say similar to HP then they would have to have something like 30 accounts to stay out of the T20.

I cannot see this as being plausible without the company knowing about it.

So either the company is aware and condones it or it isn't happening?

Are there other conclusions I am missing here?