Ann: Ceasing to be a substantial holder, page-31

State Street, one of the Big Four Wall St investment banks, acquires shares and lends them out for fees. They're not profiting from price movements here. As far as they're concerned, they're long.

However whenever they lend out shares (to shorters) their beneficial interest shrinks. Hence the notice.

There's been a couple of academic papers out recently about the big four and the transformation of Wall St capital. Basically now they earn most of their money through charging for 'capital services' on top of their immense holdings that are too big (and too political) to trade. Lending to shorters is one of those services.

Hopefully that clears up some confusion.