Jophda
The disclosure requirements for major shareholders are pretty clear.
On the way in, you need to disclose at 5% and then every 1% movement from there.
On the way out it is every 1% movement and then a ceasing announcement at less than 5%.
Substantial Shareholders have a couple of days to notify the ASX of their trades. Note, the company is rarely involved in the announcements as these are released by the shareholder.
In the event of a takeover, the rules differ a bit, but that is not for the here and now.
It also helps if the announcements are legible!!!!!
Cheers, AL
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