I obviously don't understand. If NAB and UBS and the subsidiary...

I obviously don't understand.

If NAB and UBS and the subsidiary entities have just declared a substantial holding the must have bought at prices above todays. How do they then make money by selling it at a lower price?

I can understand them taking the lending fee and lending it out to shorters - but they must eventually expect to get the stock returned and hold it till they can sell at a profit. To me that implies that they expect SRX eventually to be at a higher price than they paid.

Can more knowledgeable posters help me understand this process?