I just roughly worked out why NAB is no longer a majority...

I just roughly worked out why NAB is no longer a majority shareholder.

NAB originally had 19,459,527 NEA shares representing 5.458% (as at 3/10/16) of all NEA shares outstanding.

Even if NAB don't sell any shares, after the recent CR event, another 28,571,429 shares were created (raising the $20 million), this means NAB's original holding is now deminished to only 5.053%

Furthermore between 13/10/16 to 3/11/16, NAB sold a total of 1,470,699 shares, this now reduces NAB's total holding to only 4.671%

Since NAB now holds less than 5% of NEA shares, they are no longer a substantial share holder.

Once you normalise everything to the new post-CR share pool, NAB only reduced their initial holding by 0.382%, so I wouldn't worry too much about this.

All NAB has done is a little short term profit taking.