I'd like to ask a question about what a 'change in substantial holdings' mean?
I've searched this forum and understand:
1. a substantial holding is "Person/company holding more than 5% of a company's voting rights
2. there's no hard and fast rule about how substantial holdings changes affects share price
However, what does it mean when company ceases to be a substantial holder from another company?
On 11 March 2015 the Tatts Group (ASX:TTS) ceased to be a substantial holder from NAB.
Does this mean that:
1. TTS held shares in the NAB?
2. Did TTS have loans from NAB and no longer need NAB because TTS share price is strong or they've repaid loan?
3. Because NAB are crashing, TTS are getting rid of them?
This notification didn't appear to make much of a difference to the SP this time but any ideas on how ceasing to be a substantial holder from another company might affect the SP?