From what i understand there were around 70 to 90 substantial...

From what i understand there were around 70 to 90 substantial shareholding notices

And about 6 that went over 20%


John Turpu (Conquest) lodged 15m Conquest shares say 15%

He would have immediately seen 15m shares under ANZ noms

That 15m stayed there through the course of his 2 yrs of dealing

No substantial shareholder notice change by him
No substantial shareholder notice by either ANZ or Opes

If Conquest had recieved a substantial shareholder notice..and John is the MD ..he would have made rapid inquiries (freaked)

And reversed the transaction immediately

ANZ by their actions acknowledged John was the beneficial owner..

Beneficial owner ..is the real owner

They abandoned the AMSLA ..and allowed a margin loan to operate in actuality

John has the right (as all clients) to say ..i expect you now to operate under the Modified terms