Understanding the game we play. I'll use BSX, Nanjia and FIL in how the current circumstances are playing out
in my opinion.
1. The requirement to submit a sub holder notice falls onto the company that has the sub holding, technically not the listed company. In this case the onus is on Nanjia and FIL to file the paperwork, not BSX.
2. ASIC is a toothless tiger without the funds or means to pursue thousands of individual companies in hundreds of different jurisdictions to enforce it's own rules.
3. A listed company, BSX, can force the sub holder to file the required paperwork under the following regulation (and should do so since they have an ESG dedicated board member,
being paid to ensure the G being Governance is being taken care of, to protect the reputation of the company and hence SH interests, especially the MD and BoD, to ensure the company doesn't look dodgy AF).
4. A simple calculation of Nanjia buys and FIL sells on 19 and 21 Mar respectively according to their filed notices shows that FIL sold the holding to Nanjia down to a single share. Broker data from DayTradeScans shows the transaction occured on 19 Mar down to the single share. Maybe confirmation of funds explains some of the difference in dates on the sub holder notices. Who doesn't love a technically in this end of the market?
5. Why wasn't the Form 604 filed within the 2 business day window that is stipulated on the form when the transaction occured on the same day? It was filed a full week later than required.
6. Was it to allow the perception that Nanjia ( a token HK based fund manager) had taken up an additional stake in the company thereby providing a reason for the SP to head higher?
7. Was it to disguise the fact that FIL ( a major US based fund manager) has decided to sell at a loss and recoup whatever $ possible, which would be expected to move the SP lower?
8. Has the timing of the 604s allowed FIL to move below the 5% threshold before confirming it through a Form 604, thereby allowing them to dump the stock further without having to notify BSX?
9. What do you want your MD to do? Prevent/address these issues or spend his time and your money on twitter reposting Buffet quotes and anything pumpy thats related to BSX's holdings ( i.e. all the gold related reposts whilst BSX has done nothing with their gold prospective tenements).
Now I'm not trying to suggest holders should buy or sell BSX.
If the issues and discrepancies that I have highlighted above trigger holders to want the above questions answered, then I have had previous success using the following email address with my concerns:
A SH could probably replace perth with sydney if desired. A SH will get a response email that says they will look into it, but a SH won't get a reply saying a SH's theories were correct. A SH will know if it has been actioned when the company goes into a TH for an ASX please explain. And a SH better be prepared to see through some BS company response.
A SH will need to logically set out a SH's argument/query with evidence to make it easy for them to understand and less work for them to follow through on (i.e. they don't need to put 2+2 together because the SH has already done it for them).
Most importantly, don't be lazy and copy and paste this post into a SH's query. I've bagged ASIC in point 2, so it will definitely not help a SH's case.There are levels to DYOR.
GLTAH
(20min delay)
