Ann: Ceasing to be a substantial holder, page-7

There are a series on becoming and ceasing to be substantial share holder that above 5%. In those notifications the ASX required detailed records or transactions.

They are pages and pages long. I sometimes look at them. Besides buying and selling they are full of borrow and borrow return transactions.

In one case with State Street I saw them borrow from Goldman Sach's 3.5m shares and immediately loan out 3.5m to a third party, Obviously the interest the third party was paying was higher than the interest rate that they were paying Goldman Sachs. Money for Jam. they probably had an order from that third party for 3.5m and arranged the transaction for profit.

Many of these companies are inter-connected. Blackrock, Vanguard and State Street for a big group, JP Morgan are loosely affiliated with them as well. The others like Goldman Sach's that play the game as well. So trades between them is very common. They all lend to shorters when it suites them.. Often when shares are required to lend out to shorters they require shares already loaned out to be returned,

Take a good look at State street last notification it's full of interesting complex stuff.

cheers Lies.