Scottport i use to think the same as you in regards to the 20% threshold but check the recent quarterly:
http://www.asx.com.au/asxpdf/20130123/pdf/42ckncb40cjd5j.pdf
Charles Morgan: 20.25%.
With Craig at about 16% and Mark at about 2% that means the directors own about 40% of this company. With the majority brought on market or in capital raisings' offered to normal investors.
Something has to give with this one soon.
craig burton 16.45%, page-3
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