Not strictly correct, increases in shareholdings as a result of exercise of options are covered by the Takeover Provisions of the Corporations Act (2001).
Holders may however increase their holdings by 3% every 6 months (commonly referred to as creep provisions) and from what I understand, they may increase their shareholdings if the increase is a result of their participation in a rights issue or SPP etc or if it arises as a result of their participation in the underwriting of such placements.
One of the reasons is that, strictly speaking, in a rights issue, if all shareholders take up their entitlements, the shareholder would not increase their shareholding as a percentage but this may increase if they take up their entitlement but others do not.
This is a really simplified overview and should not be taken as gospel or acted upon without your own independent legal advice.
Hope it helps tho.
Not strictly correct, increases in shareholdings as a result of...
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