Your point isn't untenable, because as @TrayonRanger stated, Hancock could accumulate another 3% on market under the "creep provisions" without triggering the full offer requirement. But if Hancock increases (or indeed decreases) its holding by in excess of 1% point, there is a requirement to report it to the market within a couple of trading days as a change in substantial shareholding.
regards
DF
Ann: Presentation - Strategic Partnership and Long Term Funding, page-329
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