you've got to be kidding, page-19

Citi? Do you have a source? Listed as top 5 sh/hldr with a miniscule 2.5%.

Surprising (not) since Citi are one of the front runners in the largest (by count and frequency) traders on the ASX by a large margin; and the highest trade volume to net position ratio is one of the lowest (meaning they very likely flip shares).

As for IVA specifically (stats by reported broker) -

Since Jan2013 only

UBS (well known for shorting) trades with much more frequency (2x nearest), predominately (almost exclusively) flipping shares with very high trade volume to net position ratio.

Macquarie has been by far the largest intentionally reducing it's position since Jan2013 on mostly one way trading. For who? They've sold 1.5% of IVA, 40% of the Macq outflow in April alone.

Largest accumulation done through Pershing Securities.

Fundamentally - costs and reduced production have been easy excuses. IVA SP has been destroyed - how much value has been created? Deserves a higher SP IMO.