RE: Let's Do This!19 Feb 2026 08:44
Depending on the jurisdiction of the issuer (HE1 is BVI incorporated) and the specific nature of the instrument, some complex swaps can be structured to avoid immediate aggregation with physical holdings, though this is becoming harder under modern transparency rules.
Large asset managers often have several independent "pots" or legal entities.
If a parent company has three different sub-funds, and each fund buys 2.9% of the company, the parent might manage 8.7% total.
Unless those funds are deemed to be "acting in concert" or the parent company has "aggregated voting rights" that cross the 3% mark, they can sometimes avoid a single consolidated TR1.
An institution approaching the 3% mark can "lend" their shares to a third party (like a market maker or a hedge fund).
Institutional "Whales" often hide their size within massive nominee accounts (e.g., Hargreaves Lansdown Nominees).
Method: Because the nominee account itself might hold 15% of the company for thousands of different clients, the specific 2.9% holding of one "Whale" is mathematically invisible to the public. Only the company can see the underlying holders. HL currently hold 22% in their HE1 nominee account...