Ann: Becoming a substantial holder, page-14

There is nothing to see here,

fund managers use this type of arrangement all the time, you can see that Regal still have control over the shares, they have not been loaned out, this arrangement is usually because they might hold the shares in a variety of funds spread across the group,
go to any top 20 of a mid to large cap company and you will see an investment bank being the nominee on behalf of the holders, its standard stuff.
No way would Morgans have given Regal that many shares if they were going to dump them or short them,
if they did that they would not get another deal from the corporate department of Morgans.