Ann: Becoming a substantial holder from MQG, page-11

Hi Fryze, Macquarie, like many investment banks, have a reputation of being astute investors with strategic plans associated with their investments. They don't mind taking an undervalued company off the hands of skittish shareholders and then selling it on shortly afterwards for a much higher price, potentially after some corporate/financial window dressing. It is possible they are acting as a proxy for other interested parties, as indicated by other posters, who don't need to reveal their identity and reveal their own strategic interests, of which takeover/merger might be one. This is all very speculative, but Macquarie would usually be looking at deals where they can make a killing over the short term, especially when they smell blood in the water. AGL's balance sheet doing a lot of haemorrhaging over the last couple of years...