I presumed that they were part of FMG's deal to acquire 17% interest in AGO announced on 7 June at 4cents per day based on the fact that both shareholder notices were on the same day. Also, it is possible they purchased the AGO stock at a lower price earlier in the year and only reached 5% point when they had to notify later when the share price was on average higher. So I think you may be a bit pessimistic in your calculation.
IPO - L1 Long Short Fund Limited, page-74
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