Ann: Ceasing to be a substantial holder, page-5

First 5 Last

Share
Profile

Follow
reginaldp

3,929 Posts.

2784

26/06/25

10:25

Post #: 79574946
Share
Originally posted by AnotherOneWon: ↑

Summary of What Happened
Ceased to be a substantial holder on 23 June 2025
J.P. Morgan's total voting interest dropped below 5%, which triggered the filing of Form 605.
Start of period holding: 64,614,620 shares
End of period holding: 63,637,345 shares
Main Shareholding Activities Identified
Securities Lending: Substantial volumes of shares were either borrowed by counterparties from J.P. Morgan (e.g. Citigroup, Goldman Sachs, HSBC) or returned.
On-Lending and Rehypothecation: J.P. Morgan Securities LLC and Prime Inc. were involved in rehypothecating client securities (suggesting prime brokerage activity).
Principal/Proprietary Trading: Many trades were done by J.P. Morgan entities as principal — both buying and selling actively.
Why Did Their Total Holding Reduce?
Share Lending Causes Reduction in “Relevant Interest”:
When J.P. Morgan lends shares (through securities lending agreements like GMSLA, AMSLA, etc.), they temporarily lose the right to vote, which reduces their relevant interest for substantial holding purposes.
Borrowers are listed as holders of voting rights during the term of the loan.
Hence, even though they may still technically "own" the shares economically, their substantial holding reporting is reduced.
Returned Borrowings Do Not Increase “Holding” Unless JP Morgan Takes Back Voting Power:
When borrowers return shares, JP Morgan regains both the economic and voting interest — but only if JP Morgan retains those shares and doesn't immediately relend them or sell them.
If shares are returned and then sold off or re-lent, the net holding (for substantial interest purposes) might still decline.
Was JP Morgan Shorting or Lending?
Primarily Lending:
Multiple large-volume borrow and borrow return transactions suggest JP Morgan was primarily acting as a lender.
Appendix disclosures include detailed schedules of securities lending agreements with institutions like Citigroup, Goldman Sachs, HSBC, Merrill Lynch, and others.
No Evidence of JP Morgan Shorting MSB Themselves:
J.P. Morgan’s own trades were mostly market making or proprietary buy/sell.
Borrowers of the shares (e.g., Citigroup, Macquarie, Goldman Sachs) could be using those shares to short, but that is not necessarily JP Morgan’s strategy.
Conclusion
JP Morgan’s holding decreased primarily due to securities lending, not short selling.
The reduction in reported substantial holding is due to temporary loss of voting rights while shares are on loan.
If shares are returned but immediately re-lent or sold, it does not increase their reportable holding.
The decrease is consistent with large-scale lending operations, common for prime brokers acting on behalf of institutional clients.

Expand

Ask it again

This time ask it to examine the trading behaviour and assess whether it is likely shorts are closing positions- paticularly on the 23rd June.

Reg
MSB Price at posting: $1.64 Sentiment: Buy Disclosure: Held
5 Upvote

0 Great analysis

Reply

Top Stories

BOE

Boss tanks -42% after quietly flagging 'potential challenges' for Honeymoon

Listen: HotCopper Wire Podcast 019 – Dreaming of the 9,000s

Clarity confidence – and share price – up on bumper $203M institutional placement

ASX Market Close: New week sees local bourse snaps 2-day losing streak | July 28

Monday's HotCopper trends: Boss guidance, Botanix quarterly | July 28

First 5 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

(20min delay)
Last $2.49		Change -0.030(1.19%)		Mkt cap ! $3.187B

Open	High	Low	Value	Volume
$2.50	$2.56	$2.45	$8.697M	3.485M

Buyers (Bids)

No.	Vol.	Price($)
2	9781	$2.47

Sellers (Offers)

Price($)	Vol.	No.
$2.49	20107	2

View Market Depth

No.	Vol.	Price($)
2	9781	2.470
3	26000	2.460
3	6237	2.450
4	11098	2.440
4	62378	2.430

Price($)	Vol.	No.
2.490	20107	2
2.500	34960	2
2.510	6000	1
2.530	17550	2
2.540	16000	2

Last trade - 16.16pm 28/07/2025 (20 minute delay)

MSB (ASX) Chart

Ann: Ceasing to be a substantial holder, page-5

Boss tanks -42% after quietly flagging 'potential challenges' for Honeymoon

Listen: HotCopper Wire Podcast 019 – Dreaming of the 9,000s

Clarity confidence – and share price – up on bumper $203M institutional placement

ASX Market Close: New week sees local bourse snaps 2-day losing streak | July 28

Monday's HotCopper trends: Boss guidance, Botanix quarterly | July 28

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News

Ann: Ceasing to be a substantial holder, page-5

Top Stories

Boss tanks -42% after quietly flagging 'potential challenges' for Honeymoon

Listen: HotCopper Wire Podcast 019 – Dreaming of the 9,000s

Clarity confidence – and share price – up on bumper $203M institutional placement

ASX Market Close: New week sees local bourse snaps 2-day losing streak | July 28

Monday's HotCopper trends: Boss guidance, Botanix quarterly | July 28

Featured News

Buyers (Bids)

Sellers (Offers)

Featured News