BGA bega cheese limited

Ann: Ceasing to be a substantial holder, page-2

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    So if I understand this correctly Vangard are no longer an Soph investors fund manager and hence makes them no longer a substantial holder. So this must mean the Soph sold down their holdings (explains the volume and downtrend). Otherwise if the Soph still held these shares we would see a new fund manager become the majority holder
 
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