Ann: Change in substantial holding, page-33

Could it be that FIL & FBR got into a "gentleman's agreement" that allowed FIL to offload its stock quietly? I suspect both FBR & FIL would have guessed that if the market had been informed that FIL were downsizing their position, many more including retail SH would have followed suit leading to the SP rapidly declining. A declining SP would not have been good for FBR, and would not have been good for FIL whilst they were trying to offload their shares.

How would FBR have benefited from FIL? I presume FBR knew that with a reduced holding, FIL would not launch a second strike.

And how would FIL have been benefited from offloading quietly? They obviously would offload their SP at a higher price than they otherwise would have attained if word got out that they were offloading.

Did FBR violate their continuos disclosure obligations? The honest answer is I don't know, and hoping some of the gurus here might know. Surely the ASX or ASIC would have to step in and issue a "please explain", followed by a "bite" if the explanation is not satisfactory. The not so connected mum & dads might be getting played here.

The timing of releasing this also got me raising my eyebrows, a day after the AGM, after all votes had been cast.

I hope I am all wrong. If my good friend google does not explain this clearly to me, I will consider posing the question directly to ASX or ASIC.