Ann: DURATEC SECURES $50M ENERGY CONTRACT, page-14

My understanding is the appendix 3Y only applies to current directors. Only Phil Harcourt and Chris Oates are current directors in the table below, therefore all the shares highlighted in yellow I believe could be sold without triggering an appendix 3Y.

Substantial shareholders have their own disclosure requirements, but a form 604 is only required for every 1%+ change which would be like $850k worth of stock at current MC. Therefore, theoretically these three holders in yellow could sell over $2m worth of stock (~6m+ shares) between them before any ASX ann are required. However, I would be surprised if Ertech is doing any selling given they were accumulating at these prices a few months back, so the de risking net worth guess I put out probably wouldn't apply to the Giumelli's.