The issuers of many of these substantial shareholding notices are brokers (BAML, UBS, JPM etc). They are merely acting as a broker for their clients (Hedge Funds) who want to short. The Hedge Funds asks Merrills to borrow stock to cover their shorts. (or for options market making). You can see they have named some of the Hedge Funds at the appendices still the end of the document.
Agree that it's all pretty unclear for the market to decipher though.
Ann: Becoming a substantial holder, page-6
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