I've not misinterpreted it at all. There are separate clauses,...

I've not misinterpreted it at all.

There are separate clauses, Clause 2.3 refers to what consitutes a significant change to the nature of an entity's activities (which is what you're talking about) and Clause 2.4 which I referenced which refers to a significant change to the scale of an entity's activities.

Clause 2.5 goes to to specify the following transactions involve a significant change to the nature or scale of an entity's activities and therefore ought to be notified to ASX under Listing Rule 11.1:

"... An entity proposing:
- to acquire a business and the acquisition is likely to result in an increase of 25% or more in;
any of the following measures:
- consolidated total assets;
- consolidated total equity interests;
- consolidated annual revenue or, in the case of a mining exploration entity, oil and gas exploration entity or other entity that is not earning material revenue from operations, consolidated annual expenditure;
- consolidated EBITDA; or
- consolidated annual profit before tax."

Hence MINIMUM 25% change in ANY of the above measures (excluding expenditure) should really result in a translation to the same value in Market Cap.