Rule 10.11 prevents a related party participating in an offer without shareholder approval.
https://www2.asx.com.au/content/dam/asx/about/regulations/annexure-h-new-gn-25.pdf
So they are saying the offer hasn't been UNDERWRITTEN OR SUB-UNDERWRITTEN by a related party.
That DOESN'T mean it wasn't sub-underwritten.
Ann: Change in Substantial Shareholding from AEF, page-14
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