AZS 2.27% 32.3¢ azure minerals limited

Looking at last presentation it seems like European holdings...

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    Looking at last presentation it seems like European holdings accounted for at 10% so assuming this is the link.so top 20 slowly climbing to circa 40%.
    Is there a risk of there being too much of a lean to major shareholders ie) tightly held such that share price appreciation stifled... any comments on what's a good balance of major holders?
 
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Currently unlisted public company.

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