Ann: Becoming a substantial holder, page-6

Yes these notices are required when you pass 5% or cease to own 5%. As they are marginally over the 5% and trading, lending the stock they are bouncing just over and under the threshold.

Just because you put a notice saying you cease does not mean that you have sold out. Common misconception. GravityWaves made that assumption in the first cease notice from UBS where I said go back and then the numbers, they had not sold all their position.

Once over 5% you need to advise the market on every 1% increment or within a couple of days of stopping buying. Hence if a company that already has 5% buys a whole heap of shares in one or two days. They can in affect get a few more percent without market knowing for some time. Often a tactic to accumulate cheaply but volumes traded will identify if an insto is buying as you generally have only 3days to provide notice.