Ann: Change in substantial holding, page-8

The original MS&AD equity placement announcement dated 15-Aug-2017 says MS&AD would move to 10%. They have now moved beyond that to 11.65%. 

"Challenger ordinary shares will be issued on 23 August 2017 at $13.06 per share, representing a2% premium to the 30 business day volume weighted average price, adjusted for the final FY17dividend. The new shares issued to MS&AD will not be eligible for Challenger’s final 2017 dividend.Following the placement, MS&AD’s holding will represent 6.3% of issued capital and MS&AD hasstated its intention to grow its holding, via market, to 10% over the next 12 months. MS&AD hasalso stated that it intends to be a supportive shareholder"

MS&AD must be having nightmares when they look at that original placement price of $13.06.