Ann: Change in substantial holding from IFL, page-4

IFL doesn't hold the position explicitly itself, its a part owned subsidiary in Perennial value management that does. They are an independent run fund manager so anything happening to IFL itself has no consequence on Perennials holding in EML. UBS themselves are neither shorting or long, they are custodian and prime broker to many funds its a mixed bag of longs buying and shorts selling that runs through UBS entity given its role for these funds. Pays to read the sub notices and understand consolidated entity reporting for sub notices.