Ann: Change in substantial holding, page-17

I am no expert on this borrowing shares but if they borrowed them at a price of 70 cents and the price goes to $1
don't they stand to make money?
I know if you own say CBA you can lend your shares for a 3 month or whatever period and you receive a payment
for loaning them so if the price goes up or down you end up with the fee plus your shares back and they could have gone up or down.
In the case of TTT the price has been stable for some time so the owner may have loaned the shares to at least see some
interest on their investment. I don't know from the details of the loan shares if it lets us know weather they hope to profit from a
fall or a rise in price.