ms a substantial holder on borrowed shares!, page-12

Lord and Londoner,

There is a 28-page long attachment of a copy of "ISLA Global Master Securities Lending Agreement" in the MS announcement.

In the covering letter of the copy, MS said the Agreement was for MS "in borrowing and lending of the securities of GNS Ltd, as reported in the Notice of Initial Substantial holder (Form 603) dated June 1 2010".

So it is clear that the word "borrow" in the MS announcement referred indeed to GNS shares, not something else (e.g. cash).