relax fait accompli, page-9

Under s671B of the substantial holding provisions, a person who becomes a five per cent holder, or changes their substantial holding by at least one per cent in a listed company or listed managed investment scheme, is required to lodge a notice disclosing details of the holding with ASIC, usually within two business days.

So, by pure definition - changes their substantial holding by at least one per cent:

• The 950k sold relative to THX holdings? or

• The 950k sold relative to the total UMC shares issued?

Me thinks THX has taken advantage of a loophole in rule s671B.