pre-open - big order?, page-27

Mark,

I believe the threshold is 5% before you are considered a substantial holder.

I also believe that they need to declare themselves as a susbtantial holder when they have crossed the threshold AND they have "completed buying".

I am happy to be corrected on this but I think "completed buying" is defined by a time gap between successive purchases.

If you are continually buying shares you are not compelled to announce that you are "substantial" until you take a breather from buying (whatever that means).

Having said all that, RAB held substantially more than 5% for years before EXT management realised that RAB had not announced their holding to the market (they were hidden behind nominees).

When RAB was told they had to disclose they said "Really? Oh we didn't know that".

The point being that the ASX had no idea and until EXT management found out and rectified the situation the law was happily being flouted.