Ann: Update - Notification of buy-back - NEU, page-6

Perfect storm where there has what appears to be relentless selling for over a year which stops any positive momentum and then there is legitimate macro concerns and the stock is crushed even further, leading to more capitulation. What I can't understand is if there are one (or many) sellers who want to offload their stock why it has been constantly fed into the market and why there hasn't been block trades where brokers negotiate to get the best possible price for larger volumes of stocks. Shorting is a factor but even at close to 5% (which has drastically increased from the 10th of March - since the price has dropped 16%) it doesn't explain the magnitude of the disconnect. Even though UBS is buying and selling stock they have (net) sold $45m in 6 months alone - generating half a billion dollars in trade whilst doing this in the same period of time. To make money in the spread they need legitimate orders to transact on (a real buyer and seller).