If there is a greater than 1% change in your holding then you...

If there is a greater than 1% change in your holding then you must lodge a change in substantial holding not if you just buy/sell, otherwise you are free to trade within that band without lodging. Those buys look around the time of the placements which mean their % of holding would have been diluted with the extra shares on issue. In order to maintain their % they would have to buy shares in the placement, hence remaining around that 5.3% mark and not having to lodge a change. Then when they sold the latest parcels they would have gone below 5% and therefore have to lodge