The way I understand it is thatalthough the form does technically show NAB and its associated entities(via JBWere Limited) as a substantial holder, it doesn’t necessarily meanNAB itself has made a direct investment in Spenda. From what the filing shows,JBWere is holding these shares as a nominee or custodian, meaning the actualbeneficial owner is likely a third party, potentially being Capricorn oranother institutional client. Since the shares were ‘transferred’, notpurchased, it looks more like a restructuring of existing holdings rather thanNAB taking a strategic position in Spenda. From my basic understanding of 603procedures, NAB is required by law to report this under disclosure rules because technically, NAB (via JBWere Limited) is listed as asubstantial holder because they control more than 5% of Spenda’s shares, but they are not necessarily the beneficial owner of those shares.They’re justholding it under a nominee structure. Happy to be challenged on my (VERY basic) understanding to see where the discussion goes.
(20min delay)