ANT re the beneficial owner, and ANZ not being it. Well that could be true.... ANZ could have lent the shares on to yet another different party so they would not be beneficial owners.
ANyway "beneficial owner" is, in my view, a concept which doesnt have particular relevance here at all. Its a red herring.
In stock lending, the shares pass to the borrower. It has to. Otherwise short selling would not work. The exposure of the stock lender to the effects of share price changes is not "beneficial ownership". The fact that the stock lender has the right to demand the return of equivalent stock ( barring default ), does not mean that they own the stock while it is still lent.
The notion of "beneficial ownership" applies to nominees, trustee and the like. Doesnt apply here.
m.west on anz, page-110
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