For example.
Waratah Capital became a substantial shareholder for LRS during the recent CR (5.57% ownership) - (you need 5% to become a substantial owner).
But then with option conversion, their ownership was diluted back to 4.91% making them no longer a substantial holder.
This isn't great for retail shareholders as it means Waratah don't need to notify the market if they sell any of their shares (or buy any shares - unless they buy enough to tip them back over the 5% mark).
LRS General Discussion, page-6392
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Last
19.3¢ |
Change
0.013(6.94%) |
Mkt cap ! $539.2M | |||
| Open | High | Low | Value | Volume |
| 18.5¢ | 19.5¢ | 18.5¢ | $4.385M | 23.05M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 45 | 5581450 | 19.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 19.5¢ | 6701634 | 52 |
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| LRS (ASX) Chart |