You are correct, I'm sorry. The legislation is poorly worded....

You are correct, I'm sorry. The legislation is poorly worded.

Logically, a "1% movement in their holding" would mean more than 1% of the shares they hold are traded. You would not expect it to mean a "1% movement in the total shares of the company, regardless of their holding".

Nevertheless, when you look at the definition of "movement", the second proposition is what the legislation seems to say:-

671B(2) [Definition of movement]

For the purposes of this section, there is a movement of at least 1% in a person's holding if the percentage worked out using the following formula increases or decreases by 1 or more percentage points from the percentage they last disclosed under this Part in relation to the company or scheme:

Person's and associates' votes
------------------------------------------------------- x 100
Total votes in company or scheme

where:

person's and associates' votes is the total number of votes attached to all the voting shares in the company or interests in the scheme (if any) that the person or an associate has a relevant interest in.

total votes in company or scheme is the total number of votes attached to all voting shares in the company or interests in the scheme.

Mea culpa.