Then again, maybe the party(s) that have bought the stock take as much notice of the laws on substantial share holder notification as Transaminvest SA seem to have done.
Please correct me if I am wrong, but according to their own notice, they sold 10m shares at an average price of $0.0354 on 11 Feb 2015, which represents a change of 1.55%. That should have triggered a notice. On a narrow reading of the Act, the notice should have been lodged on 13 Feb. If you go for the "creative" reading it was required on 18 Feb, instead we get it on 25 Feb. WTF.
Also there seems to be an error in the notice in that it says that the persons votes affected is 7.78% whereas the 35.867m shares reported as sold is 5.57% of the approx 644m shares on issue.
Here is a quote from the second link below.
"Furthermore, for each 1% (or more) change in holding a Form 604 “Notice of Change
of Interests of Substantial Shareholder” must be lodged. And, if the holding falls
below 5% a Form 605 “Notice of Ceasing to be a Substantial Shareholder” must be
lodged.
These Forms must be lodged within 2 business days after they become aware of the
transaction or change in % holding and by 9:30am next stock exchange trading day
in a takeover situation."
