For each 1% (or more) change in holding a Form 604 “Notice of...

For each 1% (or more) change in holding a Form 604 “Notice of Change of Interests of Substantial Shareholder” must be lodged.
https://www.companysecretary.com.au/board_briefings/SubstantialShareholders.pdf

So the dilution from issuance of the new shares has exposed the sustained selling (~7884m shares) by our largest investor.
Had it not been for the new share issuance, a 604 form would not have been required to be lodged at this time.
Wilhelm's last sale was 1m shares on 4/7.
As the underwriter of the entitlement offer, I'm sure he had no advance knowledge of the board decision to raise additional capital announced ten days later via the trading halt on 13/7. Just very fortuitous timing on his behalf and a quick decision to underwrite.........
If a director shares sells a single share a 3Y is required, but as our largest investor is not a director only the 1% rule applies, despite having his man Hansjoerg Plaggemars on the board.
I didn't buy shares while the prince was selling for that reason but did in late June. I would not have had I known Wilhelm was selling.