My understanding of the ASX rules is that a notice does not have to be given unless the holder's interest changes by at least 1%.
A 5% interest in KNL (242M shares on register) would entail a holding of 14.1M units, which would need to reach 16.52M (6%) before the requirement for a notice is triggered.
Acoordingly a holder with a 6% or greater interest would have a window of 4.8M units to operate within.
KNL Technicals and Fundaments, page-20
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