http://nzx-prod-s7fsd7f98s.s3-websit...135/341087.pdf

Only just got round to reading the SPH notice from Vanguard (above) which lists the "transactions and events giving rise to ceasing of substantial holding".

It's from the period 12 Feb (last disclosure) to 23 Feb (this disclosure) and underlines the effect of the recent equity raise dilution:

last disclosure
total number held in class: 36,010,330
total in class: 718,565,905
total percentage held in class: 5.011%

this disclosure (current holding after ceasing to have substantial holding)
total number held in class: 37,063,798
total in class: 764,994,476
total percentage held in class: 4.845%

So even though Vanguard (or, more accurately, Vanguard's clients) has been almost exclusively a buyer throughout the period, adding over a million shares in the space of a fortnight, it has been diluted out of it's 5% 'substantial shareholder' holding.

Watch this space. Lots to happen over the next fortnight, with the effect of the Retail Offer's potential 2.5% discount rocking the SP next week, swiftly followed by CEN going ExD the week after, on 12 Mar.

Ample opportunity to accumulate on the dips.