The timing and content of this notice seems curious and disturbing to me.
The fact that the holding last changed on 13th November but the notice - by a former Director and ex-Chairman of the company - was only released today on the 22nd November, i.e. 7 trading days after the interest changed, when standard practice and expectation is at most 2 days.
To an ever nervous small shareholder like myself, this raises the question, did the shareholder not want to have this notice lodged shortly after the capital raising to avoid public scrutiny, especially in light of the low pricing of that placement?
Also, why do some substantial shareholder notices state the actual number of shares held and percentage holdings from the "Previous" and the "Current" holding, while others - like this one - do not?
I believe the following link provides the appropriate 605 form to be filled out.
http://download.asic.gov.au/media/1263172/605.pdf
Is it only me, or does anyone else think that it does not look good that a significant number of shares were sold prior to the most recent placement without actually providing the dates on when they were being sold? Nowadays institutional substantial shareholder notices can run to dozens of pages, as they detail every single transaction, often for single digit number of shares.
The timing of the last two transaction prior to the placement is not necessarily irrelevant. By
not providing the dates, nervous Nellies like myself will assume the worst - i.e. playing the devil's advocate, this could mean offloading of shares prior to a raising, before a token purchase immediately prior to and then participation in the placement.
I believe that it is important for financial market players to not only do the right thing, but to give the perception of doing the right thing.
In some instances, this might mean that in order to maintain the perception of doing the right thing, it is best to provide the maximum level of transparency and in some instances to refrain from certain type of transactions.
But then, I am just a plebe...
