Ann: 2023 Annual Report to shareholders, page-85

Yes that’s correct travelbug. Neuren only has one shareholder with greater than 5% holding and that’s Milford. As you said, as soon as a holder (together with their associates) acquire more than 5% they have to lodge a Form 603 Substantial Shareholder Notice. Any increase by more than 1% needs to be notified with a Form 604. Once the shareholder reaches 19.99% they must either launch a takeover or can only buy 3% every 6 months through the creep rule.
So, we can be pretty sure that no one is building a stake on the sly unless it’s less than a 5% interest.