Ann: Becoming a substantial holder, page-11

Here goes my best attempt.

Teva wanted to sell. CS said we'll sell them and it'll cost you x for the brokerage of the sale.

CS couldn't get a single buyer, so said we'll take what's left but that'll cost you y.

So in essence it was a sale agreement that CS underwrote. So they get 5pc to underwrite and 1pc to broker the sale.

So CS bought 29m shares off Teva, prolly had a portion lined up to on sell to one or more private takers (hence maybe no new shareholder notices) and dumped the rest on the market over the last few days. Held of advising the market whilst they did so so as not to impact their ability to sell the remainder into the market.

So likely they bought for 40m, made 5 or 6 M commissions which means they could still sell in the 40s for a nice short term turnaround.....

Hence the simultaneous in and out notices. We held, now we don't.

Is that clearer. It is all, however, assumptions and nothing else.