Ann: Becoming a substantial holder, page-2

This at face value seems like a ridiculous announcement - RED becomes a substantial holder of RED ??
Correct me if I'm wrong - it appears that all of SLR's RED shares, are now owned by RED and hence the shares are effectively cancelled ?
SLR's shares were not monetised and hence Big RED's cash reserves have not grown ?
Perhaps this will be explained by the new MD in his initial major address to the market and shareholders ?
The new MD sold some of his accumulated SLR on market before the deadline (when SLR ceased trading) .... probably his longest held, and hence subject to the lowest capital gain rate .... smart .... not a vote of 'no confidence' in Big RED.