Ann: Change in substantial holding-MSB.AX, page-4

You are correct, the only thing these two changes in substantial holdings show is the movement out of escrow (out of JP Morgan & Credit Suisse's account) and into Celgene's own name.

To summarise:

Credit Suisse: 143,076,848 down to 127,623,063 = decrease of 15,453,785 shares. 15,298,837 was made up of the release out of escrow into Celgene's name, so really 154,948 decrease, which is largely made up of movements in securities lending agreement holdings (the short sellers).

JP Morgan: 142,989,681 down to 128,563,297 = decrease of 14,426,384, where Celgene's escrow made up 15,298,837, meaning a net increase of 872,453.

Not going to go into any more detail, as the net movements are basically due to short sellers taking up securities lending agreements and other minor movements.