Still going to 26 cents, but must admit not much downside if...

Still going to 26 cents, but must admit not much downside if buying at 29c given upside.
My question is, does a large holder (>5%) have to declare when they have sold 1% of their holding, or when they have sold 1% of the company (7 million shares)?
I think the later...so we must be close by now..I guess they have sold 5million odd over the last month..so only 2m to go before we get disclosure..
It must be one of the 3 large instos...would be a bit of a shock if it is Turquoise. no one else has any where near enough.