They are borrowing shares from someone (described as 'Borrow Delivery') to sell on the market (described as 'On Market Sale'). When the price goes down further, they will buy back the shares (described as 'On Market Buy') and return them to the lender ('described as 'Borrow Return'). So Macquarie will make money if the price of GXL goes down.
Ann: Becoming a substantial holder from MQG, page-8
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