What is it we don't know?, page-16

When they have to lodge form 604 "notice of change in substantial holding" is related to how much their holding changes. I was looking for the ASX rules, but surprisingly did not find them within a couple of minutes on Google.

So, this is my best guess, not a statement of fact. If they own greater than 5%, they have to announce every 1% increase or decrease.

Between 0 - 4.99%, no notice required. Exceeding 5% for the first time requires "notice of initial substantial holder"

Falling below 5% requires "ceasing to be substanial holder" then they can do what they like below 5%.

DYOR, just my observations.