Reference M& G holdings on behalf of Prudential plc. I have received what is for me at least an interesting and informative reply to my email from TLW's Deputy Company Secretary - Richard Taylor. Apparently, when a stake is held on behalf of another party, as in M&G Investments for Prudential, the declarable/notifiable level is set at 10%. Hence, if that percentage figure changes by so much as 0.1%, then its quite legitimate to restate either a non declarable, or, declarable holding. In this particular instance M&G has been holding around the 9-10% mark, since Septenber 2004.