Check the dates again. That 38.3m purchase of shares which increased Zeta's holding from 227m to 265m shares related to January's CR, not current events. The reason this is only coming to light now is because substantial holders only need to update their disclosures when their holding change by +/-1% or they drop below 5%. January's CR-related purchases weren't enough to trigger a F604 at the time, but the effects of the massive current dilution, due to completely abstaining from participating in this RI, were.
There's been some kind of material change with Zeta and it's support of PAN between January (actually, mid-May when the Call and Put deal with MacBank was announced) and now. I was expecting them to participate in a limited fashion this time around, such that their diluted holding would diminish to somewhere around the 20% level. But they completely abstained. Result: plummeting from 34.7% to 17.6%, based on the current interim 1,505m SOI. This will further dilute to ~13% when the dust settles (i.e. after the Retail Entitlement Shares issue which will increase the final SOI to 2,051m). Zeta will issue a revised F604 that shows ~13% (or less, if they're still selling down) sometime in the week commencing Mon 22/06 (i.e. after the Retail Shares are issued and allotted on Fri 19/06).
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