so, ken and ted did not put any $ in this spp!, page-3

Ted was a substantial shareholder until the 'ceasing to be a substantial shareholder' notice was issued on 9/9/10 following the previous share placement.

Based upon his shareholding at that point in time then he would now be a substantial shareholder again if he had subscribed for his full entitlement, presuming of course that he hadn't sold any shares since 9/9/10.

Given the timeframe to notify the market of a change has lapsed he either has been selling shares since 9/9/10 or he didn't take up his full entitlement or a combination of the two.