While we're jumping on the facts bandwagon, I do want to take...

While we're jumping on the facts bandwagon, I do want to take the opportunity to address this:

"The substantial holder notice requirements are a joke and are not enforced."

The requirements are not a joke and they are enforced. People have been jailed for non-compliance:

https://www.herbertsmithfreehills.com/insights/2020-02/no-more-hiding-asic-pursues-criminal-charges-for-defective-disclosure-of-substantial

Jan Cameron was convicted nearly 10 years after the offence:

https://asic.gov.au/about-asic/news-centre/find-a-media-release/2023-releases/23-341mr-janet-cameron-found-guilty-of-not-disclosing-her-interest-in-bellamy-s-australia/

Subject to any appeals, she is now automatically disqualified from managing a corporation for five years.

So the facts are:

• Substantial holder notice requirement are enforced
• Notice requirements are not a joke (unless you consider fines, disqualifications and jail time as a joke)