Ann: Change in substantial holding from WAM and WAA, page-9

Wrong - The word deemed changes the context significantly. WAM are simply a passenger that through a quirk ( and a previous failed offer on underlying company holding shares) must report as per this announcement.

I suggest you read the announcement and in particular go back to WAM initial holding explanation of how the relevant interest and reporting happens.

To simplify it WAM didn't directly buy share they simply held a interest in a company that did but because of the large relevant interest in the company they hold shares they are deemed to have to also report the holding. Leads to what to the inexperienced can see he double reporting .

IMO read the words in the announcement closely.