Ann: Becoming a substantial holder from MUFG, page-8

My guess ..... well it is a long story ....

1) Mitsubishi has a Power subsidiary involved in coal-fired stations, LNG stations and all sorts of power generators - Big, big bucks - Some owned by them and some just as head contractor - Both in Japan & Asia (incl Australia in the new Snowy project) - They have indicated they will be out of coal by 2050.
2) I think they bought some (maybe all) of the AUD$200m Convertible Notes in NHC to ensure a dedicated quality coal source for their coal stations for decades (until they can convert the coal stations).
3) They also want to play the financial market by short-selling NHC or facilitating others to short-sell. They borrow, lend & return scrip accordingly in the knowledge they will get shares upon conversion of their Notes in 4 years time. They get fees for this, with little risk. But, they don't want to be the long-term owners of NHC shares and this shorting is only an offset for the next 4 years. Morgan Stanley & Sentier are simply subsidiary/associated vehicles to enable this, as they have managed funds to absorb 5% of NHC in the short-term.
4) In the end, they get a supply of quality coal (probably at a discount to spot), blended according to their specific requirements and on delivery timetable suited to them. IMHO, that is the crux of the transactions.
5) And the shorting from time to time is merely a flowon from their Convertible Note holding to ensure this supply is guaranteed.

I've really put "maybe" on top of "maybe" on top of "maybe" here .......