Ann: Ceasing to be a substantial holder, page-21

To all BCB holders and TER holders

please read the notices ceasing to be a substantial holder issued by Bank of Aamerica and subsidiary Merrill Lynch Australia (the prime broking operation and therefor stock lending business) in both BCB on 27 July and TER on 28 july

The notices say 81m shares on loan in BCB were returned to Regal and approx 20m TER on loan were returned to Regal.

The short interest reported to the ASX in both BCB and TER has not changed much in recent months

SO 81M BCB were available to short but they were NOT ! the stock would have rallied if someone had to buy back the 81m shares short.

Similarly 20m TER were recalled by Regal on 28 July but the volume in market suggests this was not shorted.

So why would a major holder (Regal) in BCB 12% and TER 13.6% recall their stock loans ????????

Maybe If TER used scrip to bid for BCB - this would prevent any other funds arbitraging any takeover price and weakening the chance of success ?

TER market Cap now 80% more than BCB

Just an interpretation of very strange market moves