If Macquarie were short and they covered it wouldn’t show up as...

If Macquarie were short and they covered it wouldn’t show up as a net positive holding and wouldn’t contribute to a substantial holding of 5%.

There are a whole range of reasons why substantials are issued. The most common reason for a substantial notice is when fund managers invest to grow. The second most common is strategic stakes by corporates. After that there are about 20 different reasons typically derived from prime broking or delta one desks which can include derivative trades, swap positions, lending solutions etc.

Taken with the fact that a major competitor has taken a large stake in ISU, Macquarie with a substantial looks positive to me.