BLY boart longyear group ltd

what's wrong with today's trading?, page-42

  1. BH!
    2,521 Posts.
    nicolelee,

    Sec. 671B(1), inter alia, says:-
    A person must give the information referred to in subsection (3) to a listed company, or the responsible entity for a listed registered managed investment scheme, if:...

    (b) the person has a substantial holding in the company or scheme and there is a movement of at least 1% in their holding...
    Note, it says "their" holding, not 1% of the whole company.

    NAB held 75m shares, per their 17/12/08 notice. 1% of that is 750,000 shares.

    Have a look at their disgraceful disclosure notice. Millions of shares were bought (5.4m) and sold (11.5m) at sometime (goodness knows when!) between December and February.

    No specific date, no specific amounts. Not a technical breach, IMO. A blatant and egregious breach, which advantaged them and disadvantaged the rest of the market.


 
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