News: PGH Pact Group Holdings Posts HY Net Loss After Tax $319.6 Mln, page-19

That's a good question... the block is north of 7% of issued capital, so if it is just one person on the other side, then they will also have to lodge an initial or change. Now I'm not sure about Mr Geminder in this case, because the anti-creeping rule allows for increased by 3% every six months and this is clearly more than that, so he would not be permitted to take the whole block (as far as I understand). It is quite possible that the UBS brokerage unit arranged for several buyers to take the other side, so that splits the 7% into bits. It is quite possible that two buyers could have taken 4% and 3% respectively and that neither will need to lodge substantial holdings forms. Find out soon enough.