JR,There will be no more notices from Morgan Stanley, they have...

JR,

There will be no more notices from Morgan Stanley, they have dropped below 5% holding.
The only other notice could come from National Noms (5.06%). HSBC Noms I'm pretty sure reflect mainly the Morgan Stanley holding.

A brief history...

MS became a substantial holder in June last yr when their Form 603 (becoming a subst hol) revealed them to have 118.863M (11.31% at that time). The major acquisition on that form that propelled them over 5% was a purchase of 74.061M shares from Ward Ferry (a previous subst hol) @ 16.5c/share.
Their avg purchase price was around 16c/sh.

MS have been selling their stock fairly steadily since about April...I'm sure you recognised the failure of the sp to move forward on speculative anticipation of Gindara...your own estimate was to around the 20c mark.
Quite possible MS were not the only ones selling.

The previous Form 604 we had from MS on 3 May had them holding 80.070M shares (5.83%).

Yesterdays Form 605 (ceasing to be a subst hol) from MS showed a net sell figure of 26.629M (1.938%). Total sell was 29.342M, and 2.173M buy (buys prior to Gindara outcome).

For those that are pre-occupied with the shorting theory because of borrowed and returned stock, have a look at MS's Forms 604 on 2nd and 3rd May.
They received collateral of 45.640M shares on 2 May, and returned same on 3 May...the traded volume on both of those days does not reflect the shorting theory.

As a matter of fact, only 179,968 shares were reported short sold on 2 May (out of 4,996,256 t/o), and only 274,285 shares were reported short sold on 3 May (out of 8,041,277 t/o).

MS still have around 53.44M shares as at 20 June, looks like the selling is continuing, and I would assume they are going to drop right out given the aggressive nature of the sell-off and the prices they are prepared to accept...they (and/or their clients) have done a lot of dough here imo.