My understanding of how it works: - As soon as you own more than...

My understanding of how it works:

- As soon as you own more than 5% of shares you become a substantial shareholder (as of 2/2/18 Platinum owned 7.15%).
- This means you are obliged to report any individual sale or purchase of shares that add up to greater than 1% of issued shares.
- Platinum did this twice recently (on 24/10/17 they went from 9.24% to 8.20%, and on 2/2/18 from 8.20% to 7.15%).
- This reporting legally includes any "associated entities" - eg. multiple funds within one corporation, "shadow accounts". I very much doubt a soph investor would try to hide this as they would be in breach of ASIC rules.
- They can still do sales/purchases of less than 1% without reporting. And fund managers often do need cash if eg. investors want to pull some money out.

Hope this helps. Please let me know if you think otherwise!