RE:RE:RE:RE:RE:NVO's changing story line - and implicationsWaitingstill, here are the rules for the Canadian Market, I don't know what they are for Australia. So Sprott and Kirkland would both have to report their purchases on the open market. However you brought up something that could possibly be be going on - negotiations between companies. Should be interesting to see how this all plays out.
What Must I Do if I Become a 10% or Greater Shareholder?
What you have to do when you become a 10% or greater shareholder depends on whether or not you are an eligible institutional investor. If you are, then unless you are disqualified,you are eligible to use Canada’s alternative monthly reporting system (AMR). You will have to file your initial AMR report with the Canadian securities regulators within 10 days of becoming a 10% shareholder. After that, you will only need to file another AMR report within 10 days of the end of any month in which your ownership position, measured at month end, has increased or decreased by more than 2.5% from the last reported position or decreased below 10%. As an eligible institutional investor, you will also be exempt from Canada’s insider reporting requirements unless you are disqualified from the insider reporting exemption.
What Are the Requirements for Insider Reports in Canada?
A 10% shareholder is considered an insider of the issuer. Unless you use the AMR and also meet all of the additional requirements for the exemption from insider reporting, you must use Canada’s System for Electronic Disclosure by Insiders (SEDI) to report your ownership position once you become an insider. You must file your initial report on SEDI within 10 days of becoming an insider. Further filings must be made within five calendar days of every transaction involving any security of the issuer while you remain an insider.