Ann: Change in substantial holding, page-3

Good pickup.

Not sure how Shagang and RGL can buy an additional 25million shares and not file substantial shareholder notices at the right time.

Substantial holder notices
Ch 6C sets out disclosure requirements for persons who have or cease to have a substantial holding in a listed company or the responsible entity for a listed registered managed investment scheme. Notification requirements also apply if the person has a substantial holding and there is a movement of at least 1% in their holding, or the person makes a takeover bid for securities of the company or scheme.

A "substantial holding" is defined in s9 and includes where a person and their associates have a relevant interest in 5% or more of the total number of votes attaching to voting shares in the body.

1% of Shagang and RGL holding is about 6m shares.

Can anyone offer an explanation? How soon after purchase do they need to lodge the notice?