Why is it so ?, page-2

It's not alone on the ASX in having a small number of holders. You can always find this information at the back of company annual reports.

At 28 August 2020, SNL had 1007 shareholders. The top 20 accounted for 82.3 per cent of issued capital. Three 'substantial shareholders' (the definition is holding more than five per cent of issued capital) held, in total, 48.2 per cent of the shares.

In the last month, the maximum volume traded if my research is correct was 10785 shares, a very small daily total, but there are often days when as you imply, it's 'impossible' to obtain scrip unless you raise your bid a fair amount. I used to call this a 'wide market' that as the old saying goes 'is no market'.

For my small holding, I had to purchase in two separate tranches as your hypothesis proved correct. I only came across SNL because I was researching smaller industrials, but what struck me was how specialised a business it is. It'd be wrong to suggest it lacks competition, but the barriers to entry (to build relationships with original equipment truck and bus manufacturers and to carry the stocks of spare parts SNL apparently does) strike me as pretty darn significant.

Have a look in other threads where esteemed 'HC' contributor Adam ('madamswer' is his username) sets out how SNL is a growth story.

I wouldn't know Directors or other major holders from bars of soap but it's rather obvious that sales by this major group of holders are rare, or non-existent.

Then again, my number one holding is plumbing's REH with the three branches of that 67 per cent major shareholder, the Wilson family, not having sold a share since the family purchased the company in 1969. SNL I suspect is (on a much smaller scale) not greatly different.

GLTAH.