a few thoughts, page-5

a substantial shareholder notice, is only required where the company holds 5% of the stock. the 3m shares, were less than 5% of the stock, so no notices were required. on 19 dec, 2002, lumacom made the following announcement (in part)

That announcement also refers to a placement of three million (3,000,000) Lumacom shares at 7.5 cents each to the Mega Group to raise $225,000. In the interest of clarification, the Company advises that the placement has, in fact, been made to Mega Profile International Limited, which is the founding member of the Mega
Group.
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the shares were issued, because a cash flow statment issued on jan 31, shows that the company raised $729,000 from the issued of shares - which would have included the placement to mega