Ann: Change in substantial holding, page-8

very interesting. So Frank hadn't updated his substantial since 2012. The previous substantial didn't list EMI Cayman as a registered holder so some time after that he took out a margin loan with them using half his stake as collateral.

Now a quick google for "EMI Cayman Ltd" throws up http://www.emintrinsic.com/ as the lender, and several other searches lead to various court cases where EMI had provided non-recourse margin loans to various entities. So this had the economic effect of Frank having effectively got a put option over half his stake  - something he chose not to disclose until now.

the similarities with Rob Terry at Quindell know no bounds! https://www.ft.com/content/54049ad4-68b7-11e4-af00-00144feabdc0