I don't understand these "Change in Substantial Holding" forms (and ceasing to be a substantial shareholder forms) submitted by Nelson Resources.
Background: MLX has 689m shares on issue.
* If you refer to the form in this ASX release (11 June 2019), Nelson Resources assert that they had 5m shares, sold some and then had 4.5m shares. Either way, they started off with less than 1% of the MLX holding, end up with less than 1% of the holding .. but assert that they own 10% of the stock. To own 10%, they would need 68m shares. Makes no sense.
* If you refer to the more recent announcement from Nelson Resources on 29 July 2019 (ceasing to be a substantial holder in MLX), they assert that they sold 2m of their 4.5m shares, leaving them with around 2m shares, and that they are no longer a substantial holder. That also makes no sense either: to be a significant shareholder, they would have needed 5% of the shares on issue, or 35m shares. By contrast, they state they have 2m shares.
The forms appear misleading and/or incorrect to me. If the numbers in the forms are correct, then Nelson Resources was never substantial or significant.
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