Ann: Change in substantial holding, page-3

Over 31% certainly gives a head start.

I'm not sure if the nature of change is correct in this notice. It says the shares were purchased pursuant to the Offer but as far as I'm aware there was no outstanding offer. The two most recent offers were the Unmarketable Parcel Share Sale Facility which close in January (they notified their acquisitions on 20/1) and the extra shares they picked up in the rights offer which was closed and fully notified months ago.

So it looks like they were the ones who bought big on market on Friday and might be exercising creeping rights before announcing any intention, if they have an intention. Creep allows 3% every 6 months so we'd be looking at them sitting near 35% before having to announce an intention. In that time the next capital raise might be required that could assist them a bit more.

Interesting times. If they are aiming to take over then just get on with it - please!!