SRF...As I understand it, substantial shareholders only need to...

SRF...

As I understand it, substantial shareholders only need to update their position to the market when their holdings change by more than 1%.

Largest holder (Polychip) = 132,125,909 shares.

Prior to the new stock hitting the register (from options issue), we had 951,078,812 shares on issue.

Based on this number, Polychips position was 13.89%

After the conversion of the options (31,250,000), the register increased to 982,328,812 shares.

Ploychips postion (assuming they have not bought or sold in the interim), now changes to 13.45%.

This represents a change of just 0.44%...which is below the level required to be reported.

The other substantial shareholders hold fewer shares, so the changes to their positions due to the options conversion will be even less.

Cheers!