Well the ASX rules are that anything that you think is market sensitive (ie. may move the share price materially) needs to be disclosed. When large blocks of shares change hands among a company's shareholders, that can be share price moving. I guess the block moved wasn't large enough in this case.
It turns out the block of shares acquired by HCF in this case wasn't on the market for sale anyway, contrary to my initial assumption, so yes it doesn't tighten the register much in this instance.
Ann: Becoming a substantial holder from HCF, page-7
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