Maybe following extract will shed some light: Personally I...

Maybe following extract will shed some light: Personally I thought it used to be 14 working days but was probably to allow the scribe to sharpen a new quill ! Reckon we can still sleep with the lumps of share certificates under our pillows for a little while longer though agree it is getting more and more interesting. Dont discount one of the big boys wanting to play a defensive spoiler role to prevent others from taking a leading advantage - possible even for some money twat to look at some green mail at the right time if they hold a big enough slab.

extract : https://www.companysecretary.com.au/board_briefings/SubstantialShareholders.pdf
Notification Obligations Therefore, under sec. 671B, any shareholder who acquires (alone or with associates) a relevant interest in 5% or more of a company’s shares must disclose that fact by lodging an ASIC Form 603 “Notice of Initial Substantial Shareholder” with the Company and the stock exchange. This lodgement requirement also extends to a shareholder making a takeover bid even if the initial holding is below 5%. Page 2 of 2Furthermore, for each 1% (or more) change in holding a Form 604 “Notice of Change of Interests of Substantial Shareholder” must be lodged. And, if the holding falls below 5% a Form 605 “Notice of Ceasing to be a Substantial Shareholder” must be lodged. These Forms must be lodged within 2 business days after they become aware of the transaction or change in % holding and by 9:30am next stock exchange trading day in a takeover situation. If there are a number of Substantial Shareholders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names can be included in an annexure to the Form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the Form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in the Form.