Ann: Change in substantial holding, page-8

It warranted a closer look. It would appear that First Sentier bought a lot of shares over time before the news leak about the takeover. The transaction list shows purchases in the $6-$7 range, plus some at around $8.30. All of those shares would be profitable to sell now.

Two things are potentially misleading about substantial change notices:

1. The holder doesn't have to report until the aggregate change is 1% or more.
2. The holder has an additional two trading days to release the disclosure.

So it would seem that instead of "Now they are dumping the shares apparently not wanting the dividend???" it would be more accurate to say "Last week they dumped a lot of shares that they bought over the last few months".