Charma is correct. If they (or any one of them) buy 5% on top of their 20% then they will have to launch a formal takeover. Can't see any of the incumbents doing that as it stands. They will all sit on the creep provisions. Will be interesting to see who the 5 % investor is as it would have to be someone of influence to get three of the shareholders to agree to a new CEO. Interesting times in Sydney for the next few months. Let the manoeuvring begin (well that has already started apparently)