Quote:
Originally Posted by fleury
How does the reporting requirement work? Say he puts in another batch under 10%, before that date, does he have to now declare it before then?
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Nope. Over 10% you have to file form 4, which has a short deadline. Once they are under 10% they no longer file that form.
For positions under 10% you have to wait until they file form 13G or 13D. They are still required to do that for anything over 5%, but the deadline is longer. IIRC they might not need to update their 13G until they either go below 5% or the end of the year.
They won't have to report 13f for their whole portfolio which will have these transactions until 45 days after the end of Q2, which is the middle of August.
It is possible that's why they waited until april to start selling - they could sell the whole position this quarter and not have many more reporting requirements.