Ann: Change in substantial holding, page-15

If that was the case, Hoperidge will be deemed to be an 'associate' of EV. The concept of 'association' in the Corporations Act includes persons who are 'acting or are proposing to act in concert' in relation to a company's affairs. Any person who has voting power of 5% or more need to disclose to the ASX such an association.

This is not the case because as an associate of EV, Hoperidge will also have to either refrain from voting or vote in a separate class to the rest of the Target shareholders.