Ann: Change in substantial holding - J.P.Morgan , page-15

re: Ann: Change in substantial holding - J.P.... H, good point, I guess it depends on which side of the deal was pushing the button, do you think it was JPM who approached GSP or vica versa and what did either party stand to gain?

I'm certain that the transaction is the only way JPM got those 18.9m shares, the reasoning behind it is what gets me, my first thoughts were that JPM are warehousing the stock for someone else, that idea is still in my mind, holding 17% of a mining company on the more speculative side is dangerous stuff for an investment bank.

The alternative explanation was that GSP got wind of a deal on ESG and began acquiring stock in HGO and ESG, only to need to dispose of it when they managed to get themselves onto the deal team, or something similar, how do you then offload 18.9m shares without crushing the HGO price or tipping someone off? Go to a major shareholder and do a deal, this may still be the case as we'll never know whether GSP and JPM have an arrangement behind the scenes to profit share...