I don't really know binwood. I was taking a stab. This is an...

I don't really know binwood. I was taking a stab.

This is an extract from the relevant announcement - my underlining;

The Institutional Placement was strongly supported by existing shareholders and introduced a number of new, high quality domestic and international investors to Adriatic’s share register.

These were the top 6 holders as the top 20 as at 26/4

1. MR MILOS BOSNJAKOVIC 16,000,000 12.23
2. GLAMOUR DIVISION PTY LTD 10,804,000 8.26
3. SANDFIRE RESOURCES NL 10,000,000 7.65
4. MR PAUL DAVID CRONIN 8,425,668 6.44
5. MRS REBECCA CRONIN 8,425,664 6.44
6. MR CHARLES MORGAN 6,400,000 4.89

The law is here:

http://www6.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ca2001172/s671b.html

An affected holder has 2 business days of becoming aware to lodge the required notice.

As no Notice has been received, it can probably be assumed that there has been no 1% change in holdings 1,2,4 or 5, and no increase to 5% by holding 6.

I reckon I have seen Notices though where the change has been less than 1%. There would be nothing to stop that I'd say.