Ann: Ceasing to be a substantial holder, page-14

I might be wrong but Credit Suisse are usually just a market maker providing liquidity for their clients to trade shares. Investment funds and quite often mining companies looking to either invest passively or takeover the company will mandate investment banks to accumulate a shareholding in a company on their behalf for which they receive a fee. The investment bank will keep buying the shares, sometimes over 2-3 days depending on the amount requested and then when they've been able to buy 5,10,15 or 19.9% etc of the company's shares the investment bank will then transfer them over to their clients account, hence why you see them totally selling their position in these substantial shareholder reports. It's not their view that the company is a sell, they are just buying and transferring to their client's account on their behalf as a transactional service. Their proprietary equity trading desk may be investing in shares although I would have thought HLX's market cap is too low still for an international investment bank to invest directly in, but you never know. Maybe it's for one of their investment funds but would be very surprised one of their investment funds would sell out at this early stage just as the company and copper price are set to rocket higher!