Ann: Half Yearly Report and Accounts, page-25

Ill reserve my commentary on the report and situation. Most know my view.

But @Holla, people are being helpful not trolling when trying to explain - BNP Paribas is huge bank yes. Is it a direct holding, almost certainly not. Hence why they haven't lodged a sub holder notice.

Its extremely common, especially for overseas holders to have nominee account structures - rather than direct CHESS holders. This would also follow as NOR as seems they have some OTC or off-ASX trading in Germany amongst other places. By way of example, I could open a BNP trading account, buy NOR and my holdings would add to the existing number. It wouldn't however be fair to represent that as a "Big Bank Buying".

Also, the selling when someone else sells. Quite possibly stop losses. If someone is waiting to sell, hoping for a certain price level - they have likely got a trigger that if the depth disappears on the bid, just take whatever liquidity is there. Not necessarily too nefarious.