Ann: Becoming a substantial holder_Part 2 from MQ, page-5

re: Ann: Becoming a substantial holder_Part 2... Haven't read the details but looks on the surface that Macquarie are borrowing LNC shares from other instos?

Instos borrow shares like this (typically from our super funds) so they can distribute them (drip feed) and then when they are almost done they sell aggressively to push the price down so they can buy back at a lower level. Then they can repeat the process or return the borrowed shares. The instos lending the shares charge a fee, so they make money too.

IMO Maquarie are betting the market is going lower over the medium term. It's not that good for LNC. If you want to see what effect this has on the share price take a look at DTE where Merryl Lynch / Bank of America / Matthews Capital Partners have been using this technique to smash the SP over the past 12 months.