custodial holding as opposed to beneficial ownership. When you see these banks turn up as substantial holders it is usually as custodial holder not as the final beneficial owner. If you have a look at the substantial shareholders Ann regarding Regal's holding you will see UBS, Credit Suisse, JP Morgan etc all listed as the holder not as the owner. Regal had to declare substantial shareholder status once their beneficial level exceeded 5% of the company but it was split between several banks so the amount is the cumulative holding of all the different accounts. Consequently these banks drop in and out of substantial notices all the time and are often misunderstood on HC to be trading algorithms gone wrong etc.
A week or os ago I was speaking with a corporate broker for one of the small companies that I have a few shares in and he couldn't see my main holding as it is held by a nominees group, not in my name. If you had asked GSS if Regal was buying shares in them they would have no idea until that notice was filed. Nominees are custodial holders, not the owner. I hope that makes sense?
GSS Price at posting:
$1.98 Sentiment: Buy Disclosure: Held
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