Ann: Ceasing to be a substantial holder , page-6

Based on the announcements in relation to their holdings starting with the 2012 disclosure:

Smaller Companies holds 25,698,170 (4.59%)
Asset Managers holds 27,232,949 (4.86%)

So on an individual basis they hold less than 5%. As such they have lodged the ceasing to be substantial shareholder notices. They have continued to lodge as separate holdings and control. So there must be justification for being able to argue that the holdings should not be aggregated for disclosure purposes.