According to what I can find the person has to give notice...

According to what I can find the person has to give notice within 2 business days of becoming aware of the change to their holding.

Not sure what "becoming aware" means when their percentage has changed due to outside factors (ie option conversions, note conversions diluting their holding).

http://www.asic.gov.au/asic/asic.nsf/byheadline/IR+08-03+ASIC+reminds+market+participants+about+stock+lending+disclosure+obligations?openDocument