Need to bear in mind that after Ivanhoe exercised their options...

Need to bear in mind that after Ivanhoe exercised their options to move to 19.6% they were diluted slightly by Lion's subsequent exercise.

Yesterday's EXS announcement made it clear that the 3M went to Ivanhoe via the underwriters to effectively top them back up to 19.9%

I believe the listing rules on notifications are somewhat open to interpretation; Ivanhoe are only obliged to update if they move by more than 1%. It would also seem that at no stage did they exceed 19.9%

What's more interesting though is that I believe Ivanhoe's IPO plans are bubbling under again.