"Notice Water Wheel 42% was lodged also today pursuant a 2006 amsla"
So this would be the line of questioning that ANZ will face:
QC: So ANZ, why didn't you submit a substantial shareholder notice in 2006? ANZ: Ahhh...we didn't think we had to QC: So you didn't think you owned the stock? ANZ: Yes...we owned the stock...we just didn't know about the rule JUDGE: Pull the other one [ANZ now panic because ASIC are now threatening legal action] ANZ: Actually your honour, we didn't own the stock until we placed a charge over the Opes portfolio 7 days before sending imto receivership. QC: Therefore the charge is null and void since it was placed less than 6 months before receivership. ANZ: Actually on second thoughts..we didn't know we owned it until after we starting selling the portfolio. QC: Why is that? ANZ: Because we thought it was a margin lending agreement with Opes because the contract was too confusing.
