Ann: Change in substantial holding from ZER, page-3

They started at 20% of the shares so they are about half way to the 90% they need for compulsory acquisition of the remainder.

Or a bit closer to the 75% of shares that would allow them to amend BGH's constitution.

It all depends on what the substantial minority shareholders like Harvest Lane and Ajava are going to do. I'm assuming that they haven't sold yet as we would have got a notice saying they were no longer substantial shareholders. But between them they had about 25% when the Zeta offer came in, so they have some negotiating leverage. What's the chances of them being offered a higher price by Zeta after the 3.8 cent offer closes at the start of July? And if that happens, would the same offer have to be extended any other hold-out investors?