Ann: Becoming a substantial holder from MQG, page-3

Company is in an industry that is severley out of favour. MBL shows holding over 5%, but annexure shows huge diversification in how that 5% is held. As a custodian, I don't see this as MBL being bullish on the entity - I see it as Australias largest IB naturally having clients with interests in the company. As you mentioned there is the issue of stock borrow & stock loan. We can see that in annexed to the announcement there has been some borrow returned of late, and that would imply that short sellers may have exited the position - as would be expected with recent oil prices stabilising from lows, and the earnings season fast approaching.

As a shareholder I do feel this has been punished too severely, and expect a bounce - but yesterdays announcement from Downer EDI hardly moved this stock, and I am confused why that is.

All will be revealed on 24 Feb.