return of rehypothecated position probably refers to a SOLF...

return of rehypothecated position probably refers to a SOLF position. UBS offers a product that is kind of like a loan but uses options to secure the position. When you take up a SOLF (structured option loan facility) you are Hypothecating stock, given there was a big block trade, UBS probably on-sold people's pledged securities in CGF and then took another corresponding derivatives position to make up for their selling of someone else's shares before the termination of the original options position. More than likely, some executives now have their beneficial ownership kind of strung between 2 different derivative positions and UBS have clipped the ticket at least 3 times. I don't think that Barrenjoey would have pulled the rug out from UBS on a block trade.