Thinking of investing In QBL?, page-61

I suggest you re-read the prospectus updates mate. QBL was not required to issue cleaning notices if the seller did not sell their shares within 12 months

The seller sold their shares and did not make the valid notice which would in turn trigger the cleansing notice requirement.

If the seller had lodged the notice then I imagine QBL would have done the paperwork. As there was no correct substantial holder change notice, one would assume that first state had therefore not sold their shares and triggered the cleansing requirement.

This is why the change in substantial holder notices are relevant, and lynchpin, to the case.