Ann: Change in substantial holding Black Mountain Metals Pty Ltd, page-5

BMM's increased equity is actually worse than you thought. They've added a little over 1.6% (which strengthens what you are saying).

It's worth bearing in mind that no single shareholder has total control over POS, so it will have most likely come down to posturing and negotiating power. (It would be imprudent to dismiss BMM out of hand.)

There may well have been a formal agreement. I wrote extensively about this a couple of days ago (won't duplicate it here). If there isn't a formal agreement, then it was probably the result of a "tolerance" test or judgement by AF and management. As mentioned in my earlier extensive posts surrounding this, I think BMM is still a potential threat to AF, depending on how many FPOs and on-market Entitlements BMM purchases, if any, prior to the RIs being issued. I think Squadron need to actively monitor the market this week and take any steps necessary to fortify their position, if required.