I'm not sure that is what actually happened.
The notice was for ceasing to be a substantial holder.
It shows them disposing of 10m shares.
The information I can see on e-trade shows them having some 80,832814 shares as of mid august.
If this information is up-to-date, then IIF still holds in excess of 70m shares (I didn't add up the purchases they made in September) - which is about a half a percentage point below the substantial holder level.
The II funds quarterly report has some discussion on PGA:
http://www.iifunds.com.au/reporting
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