Ann: Becoming a substantial holder, page-12

Fellas,

Have been out and about and noticed this new Form 603 had dropped upon my return. Ok, time to break this one down. Be warned, there are several moving parts, so only die-hard number nerds need to proceed past this point.

Firstly, there might be some other straggler 603s out there in the wild, so I'll wait until after tomorrow to perform the final post-RI debrief. Probably sometime over the weekend.

Secondly @Samboy69, please calm down and expend some of your surplus energy into making a proper effort to explain how this announcement makes me "wrong". I really don't mind being wrong (we're all human, after all), but some kind of coherent argument as to why would be awesome. You do understand that it's only a 6.7% holding, right?

Now, onto this 603:

In summary, the ~177m holding is mostly accounted for through two parcels:

- 115.4m shares acquired on 20/09/18 (matches the rights issue allocation date); and

- 62.3m shares borrowedfrom Atlantic Absolute Return Fund (a hedge fund) on 24/09/18.

- The rest of the transactions listed are just churn, imo. Remember, CS will likely have a variety of different clients whose activities could be reflected here, or it could be CS trading on their own account. Either way, those churn transactions are outside the scope of this discussion. They're interesting and I have a bit of view on them, but one thing at a time.

It's a bit of an educated guess, but I'm going to count those two large parcels as being acquired during the shortfall bookbuild, for the purposes of reconciling the bookbuild placements (i.e. identifying any new large-ish new holders that emerge). The rest of those smaller transactions in that 603, which were traded on-market, don't count.

So, the current tally for the unaccounted allocations relating to the shortfall bookbuild now stands at 324m shares. I wonder whether we'll see any more 603s tomorrow...

Knowing that 62.3m parcel is a borrowed holding does make me a little twitchy, though. Since I'm not a short-term trader it's really more of a detached observation than anything.