Regal Funds Mgt, page-6

I can't understand the logic in that?

they lodged a notice on the 12th that they ceased to be a substantial holder ie they are not anymore. If they crossed them then it would just have been a change notice with different legal entities named.

The only logical conclusion is that they sold in a placement deal but to multiple holders that are individually under 5%.

are you basing your thinking on something discussed with the company or another source or just you interpretation of the announcement?