Ann: Ceasing to be a substantial holder , page-10

@brenjamin: I take your point about Mitsubishi UFJ Financial appearing to own 22.4% of the shares, as they own 22.4% of Morgan Stanley.

But I think the way it works is that they are part owners of ALL the shares. The shares aren't divided between MS and Mitsubishi. They are all held by MS, and because of the indirect holding of ALL the shares, Mitsubishi UFJ Financial have to declare a change every time MS does. It's basically just a paperwork shuffle.

As far as other major holders of MS goes - I think that's just MS themselves. If anyone is aware of other substantial holders of MS (i.e. over 5% of MS), then I'm happy to be corrected. If that WERE the case, then yes, I'd expect those holders to be subject to the same as Mitsubishi UFJ Financial. But given that we've never seen anyone other than Mitsubishi involved in the LYC Substantial Holders notices, I'd be thinking that they are the only other big MS shareholder involved.