Having a look from time to time at the top 100 shareholders (available from broker) can be illuminating. Here is a top 20 as at 20 Sept.
1 NEW ZEALAND CENTRAL SECURITIES DEPOSITORY LIMITED 46241058 16.0524
2 ROBERT STONE 40300000 13.99
3 LET CAPITAL NO 1 LIMITED PARTNERSHIP 21002881 7.2911
4 PHILIP LENNON 16758000 5.8175
5 KERICREST PROPERTIES LIMITED 10844988 3.7648
6 HSU-CHENG YANG 10800000 3.7492
7 CAPITAL PROPERTY GROUP LIMITED 7596661 2.6371
8 BRUCE BLAKE 6024010 2.0912
9 HEARD PARK TRUSTEE LIMITED 4390339 1.5241
10 TALLEYS GROUP LIMITED 4087461 1.4189
11 TONY WHYMAN 3555000 1.2341
12 PO-HUI CHI 3100000 1.0762
13 ROTORUATRUST PERPETUAL CAPITAL FUND LIMITED 2656062 0.922
14 ANTHONY ANSELMI & ROSS ALLEMAN 2566667 0.891
15 CRAIG BOWLER 2059056 0.7148
16 IAN DOUGLAS & BASIL COOK 1962657 0.6813
17 DAVID CORMACK & PETER CORMACK & RENU CORMACK 1750000 0.6075
19 ANTHONY GLEDHILL 1622688 0.5633
18 CUSTODIAL SERVICES LIMITED 1620263 0.5625
20 FNZ CUSTODIANS LIMITED 1423999 0.4943