Ann: Becoming a substantial holder, page-5

Quick look at ARE and Lienert and Cleland Projects found this:

14/8/2017 – Date of announcement

16/2/2017 – Became a substantial holder – not sure why that ann took six months?

Holdings 71,617,653 at that time

15,625,000 shares purchased for half a cent each.

2023 AR - Still a substantial holder

19/9/2023 – Share consolidation 1:100

Top 20 after consolidation – Still holding ARE with ~11.6% (Two holdings 6.1 and 5.5%)

A look at the 10 year chart shows a high of $2.47 on the 1/12/2017 ( but surely this takes into account the 1:100 consolidation meaning the half cent shares saw a high of 2.5cps - otherwise that is a considerable loss )

ARE certainly like a private placement!