Seacastle Singapore Pte. Ltd.'s change in reported ownership of ReYuu Japan was tied to stock lending, not a plain-vanilla market exit. The June 1 large-shareholding report said the trigger was a stock-lending agreement and listed loans of 180,000 shares to BEMAP Master Fund Ltd., 740,000 to Long Corridor Alpha Opportunities Master Fund., and 80,000 to MAP246 Segregated Portfolio, a total of 1,000,000 shares.
The original report also logged a May 20 off-market disposal of 1,000,000 ordinary shares through stock lending, and showed Seacastle's position at 3,191,100 in total, including 610,000 shares and 2,581,100 subscription rights, or 33.17% of ReYuu Japan. A corrected report filed later the same day revised that to 4,191,100 in total, made up of 1,610,000 shares and the same 2,581,100 subscription rights, equal to 43.56% of 7,040,400 outstanding shares. The previous reported ratio remained 50.36%.
That distinction matters for anyone trying to read float in the stock. The documents point to shares being lent to named counterparties, but they do not describe a simple open-market sale by Seacastle or spell out what happened next to the borrowed stock.