substantial holder

I'm a bit confused, so I hope someone out there can set me straight. JM Financial lodged the notice of ceasing to be a substantial holder 8/10 because it appears they transfered the holding to Sandhurst Trustees which is a subsidiary of Bendigo bank for a price per share of .002c. Obviously this is an off market associated party transfer at some notional consideration, but wouldn't the recipient have to lodge a Substantial Holder notice? Further someone, JM Financial presumably, still have the rights to 5,166,666 shares at .004c as the transfer was done XE. I know it's really only moving pieces around the chess board but I'm failing to grasp the significance.