csm took 44.485% of the notes

I didn't notice (may have missed it), but it appears that by the notice today from CSM, they took 44.485% of the convertible notes that were issued in Dec 2004.

As these notes could not be redeemed for anything but shares, I wonder why they didn't report their substantial holding until now?

Not to mention Patersons involvement in the issue.

As they bought more on market at 8c plus and have been buying since the 11th of Sep 2004, what are their intentions.

As at 14/2 CSM have 30,700,000 having converted 12,300,000 notes and taken up 9,200,000 rights

As at 11/9/04 CSM had 2,141,025 (TIR annual report), they bought 4,200,000 on 20-21 Dec, yet they took up 9,200,000 rights so they bought 2,858,975 on market between 11/9 and 14/10/04 otherwise it would have been noted on the Subs report today.

By my calcs this meant CSM had 4.984% of TIR from 21 Dec onwards, just below the mandatory reporting level of 5%.

I repeat what's happening here???