I'm finding it difficult to make any sense of the share transfer...

I'm finding it difficult to make any sense of the share transfer irrespective of any legalities and tax considerations.

Firstly the list of Top 20 Shareholders of NMS as at 30 September 2010 makes no mention of Westoz Funds Management P/L. According to attachment 1 of the substantial shareholder notice WFMp/l held 2,924,038 shares as at 30/9 which represents about 0.66% of total shares. The last 8 shareholders listed in the top 20 shareholders of NMS had holdings ranging from 0.64 down to 0.39%.

WFMp/l is a wholly owned subsidiary of Euroz Ltd.

The top NMS shareholder is Zero Nominees P/L with 6.54%. In 2009 they were listed as holding 25.4% of Westoz Investment Company Ltd which is a subsidiary of WFMp/l. Obviously there is a link between Euroz and Zero Nominees but this isn't evident in the small amount of research I have done.