Ann: Ceasing to be a substantial holder, page-34

My 2 cents...this was not a fat finger, or even really an error.

Facts;

1) The initial notice....dated as of 25th May (2 days prior to the action).
2) First Sentier, wholly owned sub of MUFG holds a smallish stake, and had a number of trades leading up to the 27th. Not a disclosable interest.
3) There was one (or multiple) big buyers on the 27th.
4) AMP heavily shorted.
5) MUFG listed as holder of 140M+ shares....details TBD?? Potentially more acquired than landed in that erroneous notice given the timing?
6) One of the buyers is likely MUFG...purely educated guess...someone jumped the gun on disclosure and getting spanked for it
7) The balance of the volume is BB, index/portfolio rebalancing, shorts (some) racing to close positions
8) Big seller/s. Who was on the other side? major holder exiting, reducing exposure? index/portfolio rebalancing? shorters betting against the action - would be brave to short against a major financial player taking a stake...playing with fire if they only have information the market has....
9) ASIC case, cost cutting measures...clearly added to the mix. Unlikely it drove that level of activity in isolation.
10) 100% can't point any fingers at AMP on this one...although given everything else going on, doesn't surprise that simply dealing with AMP can kick off the carnival music!

If the reality is MUFG has taken a bite, what's the end-game? passive investment opportunity? activist investor? broker for another 3rd party? fishing for something bigger? eg. pre-cursor to a bid / hostile, noting if a foreign investor, small stakes don't need FIRB approval. Sweep up a nice stake at historical lows...save serious $s if something bigger in mind.

Regardless, whatever happened (or is happening), will be interesting to see the action in the coming days/weeks!