Do you see what I see...little drummer boy. Unfortunately I...

Do you see what I see...little drummer boy.

Unfortunately I don't think there is a conspiracy although that would be much more exciting.

Firstly, the announcements are out of order but I doubt that means anything. I'm not sure there is a requirement for announcements to be released in order.

Secondly, there are no missing shares. The 'ceasing to be a substantial holder' announcement details that an 'in kind distribution; transferring shares from legal owner to beneficial owners' was performed by several entities, most of which seem an arm or subsidiary of Ares. Up until now Ares has been holding shares on behalf of a beneficiary(s). If you add these up; (244M x 4), there's your billion.

Finally, the beneficiaries in question have not become substantial holders because there is no single beneficiary whose holding is over 5%, which explains why there is no announcement of new substantial holders.