Ann: Becoming a substantial holder, page-14

At first I thought this was just the usual pattern of CS shorting in advance shares before having Mt K bound holders exercise and dispose of Lynas shares. This is a common move often done when large number of shares are transferred. It has been used by CS for all previous exercises. There is something else going on as well. Notice the transfer at the end with dates in November and December in 2019 which is in the future. Reading Annex "F" it appears CS has the voting rights to these shares till November. But it is less than 2 M shares so not enough to influence anything as far as WES. In the US voting power stays with the holder of the shares when they are shorted, as do dividends, if there are any, No voting is obtained with shorting in US, I do not know AU law. I am still of the opinion that this is CS getting ready to exercise some or the rest of the MT K shares for the bond holders. There is something else going on here and I will be the first to admit I don't fully get it.

So My guess is that we will see activity from MTK in the next few days on Lynas shares. Then CS will go back below 5%. We will have to wait to see if there is something else.