Ann: Change in substantial holding, page-52

Oscar, UBS are brokers on behalf of others.

What we know from the Merchant latest announcement is that they bought 2,000,000 shares between 4 Jan and 12 Jan. The broker report from above covers the period from 1st of Jan so Merchant could have also bought more prior to 4th.

The only broker handling this buy Volume of shares from the table above is UBS.

It would therefore appear that UBS are Merchants broker. Helpful to perhaps follow Merchant trades, but incorrect to represent UBS as a separate buyer