have boa finished?

I have said before, I do not understand Bank of America's strategy of borrowing and returning shares, but I think they may have finished.

The substantial shareholder announcement up to 7 May 2012 showed BoA held voting rights for 47,544,221 shares. The second page of that announcement splits this up into four groups with shares of 11,085,000 and 279,970 beneficially held and shares of 19,547,200 and 16,632,051 subject to a borrowing agreement. These last two total 36,179,251.

In today's notice they cease to be a substantial shareholder. The announcement includes a list of individual transactions. Whilst there are various shares borrowed and returned, the net number returned is exactly 36,179,251 - equal to the total subject to a borrowing agreement from the notice on 7 May 2012.

Further, one of the straght sell transactions is for 229,970 - being one of the parcels of shares noted in the announcement on 7 May 2012.

Today's announcement includes other straight buys and sells (not subject borrow or returns) and the net sell amount is 5,230,000. Therefore, by my calculations, BoA held 5,855,000 shares as at close on 28 May 2012 (11,085,000 less 5,230,000). Perhaps they will sell those too and then no longer be on NMG's share register!