Ann: Bidder's Statement - Off-market offer by, page-2

re: Ann: Bidder's Statement - Off-market ... Interesting to note that in Annexure A, on the day that Clencore announced the cash offer, they purchased a further 906,216 shares @ 87 cents per share.

Can anyone shed some light on the legality of this especially since the announcement was publicly published at 9.59AM (according to Comsec), 1 minute prior to market opening and takeover offer was publicly published at 10.36AM.

In addition, if an institution is buying up shares above 87 cents, why have we not yet seen a "Change in Substantial Holding" notice.