Ann: Becoming a substantial holder from NAB, page-5

I don't see this as NAB selling and buying their own stock. It is lending for the purpose of shorting. If shares are borrowed from another party then the terms of agreement will give the borrower rights and therefore become owner even though subsequently sell stock short. They will cease to be owner when the stock is returned to the original lender. When or not that changes substantial holder status depends on whether activity takes the total sum below 5%.

Announcement just shows NAB are active in shorting MMA Offshore. I would love to se them take a huge hit but unfortunately they probably have enough financial clout to push it where they want it. Similar to Norge Bank earlier in year.