Not necessarily Stormer, as Yodambao's % shareholding may have...

Not necessarily Stormer, as Yodambao's % shareholding may have stayed within the limits (not requiring a new notice) until the new shares were issued, which was yesterday.

A substantial holder doesn't have to report every change, only when they cease to become a sub holder or their own holdings change by 1% of the total shares on issue.

We know that when 92,081,760 shares were on issue Yodambao had 5.11% of Dimerix.

So as long as Yodambao's new shareholding did not exceed 6.11% of issued shares then no need to report a change.


Their original holding was 5.11% of 92m shares= 4.7m shares

If they took up their full rights they would own:

4.7m + (4.7 x 50%) = 7m shares

After the rights issue we had 117,549,393 shares on issue, so theoretically Yodambao could have held 7m shares out of these which equates to just under 6% of the issued shares, so no need to report a change in sub holding.

After the latest share issue there are 155,049,393 shares on issue. Yodambao's theoretical holding of 7m shares is now 4.5%, meaning they are no longer a sub holder.

So a notice saying ceasing to be a substantial holder is not always negative.