Ann: Ceasing to be a substantial holder from MS, page-4

Also note, that the associate 'parties' for yesterday's MS/MUFG 'notices' are different to the ones on 3-5 March, will have to 'dig' deeper to see if perhaps there's some 'off-market' transfers, via subsidiaries going on...

Again, it's only conjecture, but maybe a 'big-fish' player is 'buying up' significant parcels of VLA shares from whomever will sell them (BVF, instos, and on market) through said subsidiaries, not really sure, but a 'lot' of shares have been moving around recently...

Sure way to shore up a 'strategic' stake in VLA for existing and/or any compteting bids...

Watching on hawkishly atm...

ML