Broker note, page-2

FYI, latest VXR top 20 shareholder list has been updated on their new website to reflect the post-consolidation share structure.

Of note is BNP Paribas who has steadily increased their stake since Sep 2017 from 0.63% (top 18) to 1.87% (Aug 2018, top 5). They must smell money like how some of us here smell it too.

Finally, the spread of holdings makes more sense now. Out of the 2426 shareholders, 82% own less than 50K shares with a cumulative 96% owning up to 250K shares. The top 4% on the register controls 74% of the company.