Not that Hoov's comments need to be re-enforced, but yes he is correct on all counts.

10% is a magical number, over it and you are a significant shareholder with reporting responsibilities, under it your just one of the guys. If you hit 20% and you are described as having significant influence over the company and carries with it greater responsibilities/restrictions on actions (Cliffs maintains only a 19.6%, I think, piece of KWG for that reason). Also, for firms like JDM, business practices and ettiquette require them to inform the company of a block purchase/sale. It makes sense. Anyway always better to know what the bigger holders are up to than not to know.