Don't worry most people don't understand it and below explanation while not exact or complete might give you the gist .
How it works is due to corporation control act and reporting of interests
if company a owns more than 20% of company b then company A must declare their interest. . It cascades down to compana c d e f etc.
So keybridge had approx 22% plus of YOW shares. ( was 12 mill direct and via their control of HHY fund they had control of 26 mill so a total of 39 mill and Bel had 9 mill directly owned ) Aust style have a interest in keybridge of 20% or more ( so are obliged to report interest in interest as if it was their own)
Bel have 9 mill direct shares ( sorry doing this off top of my head) Aust style don't have 20% interest in BEL so no reporting of interest in BEL shares
Follow interest by KBC as they are the middle and teh vehicle that has control.
How can this be reported so late? Maybe it isn't as 3 days ago Aust style may have gon from 19 to 20 % of KBC and hence are now obliged to report interests .Or someone may have cone through all holdings and linked them and asked for clarifications.
Realistically a whole group of minor holders could agree to all pool shares ( call it group "pissed of X") and agree 1 person was allowed to negotiate with them and if those holders held 5% then it would have to be declared as a example.No purchase or sale happens as you are just pooling rights of shares . Day after meeting is forced or whatever the reason for pooling you agree to disband and release each other and back top normal.
So to further the example if that group ( pissed off X" ) allowed johny smith to have ownership of 20 % of the group by contract then Johny smith would have to declare interest in interest and declare full amount not just his 20%
It serves a purpose but the format of documentation has always sucked as in the johny smith eg above he only has 20% (1/5 th ) of the 5% ie 1% but reporting makes him look like he controls the full 5%. It all depends on the agreement as it is not about underlying change of physical ownership it is about interest that may never eventuate for example via a option .
I'm out of time ATM but hope that helps understanding .
(20min delay)
