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On a positive note, the 'intention to grant' for the European Patent of NXP002 has now come through.
https://patentscope.wipo.int/search/en/detail.jsf?docId=EP328059213&_cid=P21-LS8UKP-85805-1
The thought behind it being a market maker holding the warrants is along the line of;
The warrants were issued as part of the fund raising last year. So the company raise an amount of cash up front, but don’t get the cash for the warrants till they’re exercised.
Typically this would be out of the companies control as to when it happens, but if they are held by a MM, there could be an agreement that they can be exercised at the company’s request as and when they needed the money.
So Peel (or another MM) hold the warrants and are exempt from notification.
NFX tell them when they need the monies released.
The MM then forward sells into the market, raising the cash to give to the company.
The warrants are later exercised and the MM has the shares to hand again without having to declare a holding.
Whoever it is, the normal rules don't seem to apply
For me it’s more expecting to see an ‘exercise of warrants’ rns.
I have a sneaky feeling PEEL are somehow involved.
As a market maker they don’t have to declare a holding until it’s above 10%
No TR1's then. Is it now safe to assume our invisible 'institutional investor' has managed to exercise and dumped everything in one transaction, so they don't have to?
I sometimes wonder if this market is regulated at all.
Probably just let Go-Daddy know it's still in use
Always makes me smile when there is a tiny and insignificant website update undertaken, but hey its been a year in the making.
One page has had one minor change on the 1st Feb at 12.30pm.
Must have been a quiet lunchtime.
If it is the warrants being forward sold, I don’t know how much time they would have before exercising the warrants. That’s part of the dark arts of the market.
Only Dan would have to notify on the same day.
Jo Holland isn’t a director anymore so only has to declare as a major holder, which I think is after 2 days
Assuming it’s someone who actually “notified” in the first place, of course.
I agree FFX the lack of an RNS on warrant exercise over the last 2 days, makes me question whether Monday's trading was indeed warrant related. If it was Dan or Jo they would certainly have to notify & it would be extremely worrisome. Otherwise I believe any other major holder is below 3% (approx 22m shares). Monday's selling could have been more than one holder of course.
It makes me somewhat nervous when 30 odd million shares suddenly get dumped (especially after an unexplained rise in price). I know some are speculating that this is the 35m warrants being forward sold but it's also a very close volume to the total amount held by certain key people associated with this company.
If it is warrant related then how much grace do they normally get before they have to exercise them after selling and an RNS being released?
Lol, we can hope
Up to a penny without a whiff of a deal??
What planet🌏 are u from😂
I hope we get news on the sells, I really thought we was moving back up to a penny
Yep only around another 10% and they are there.
31.5m clean sells now.
If it is the warrants thats no bad thing a jiving says, its cash to the bottom line of the company.
Thanks Jiving, looks like 26.5m clean sells. (as in round numbers of 1m or 2.5m)
Its something like that Soup. Or the warrant holder themselves sells forward 35m and then covers by exercising the warrants.
Turnover = 32m so far today, getting close to that 35m figure.
FX, i understand, its not a straightforward thing and shows the 'one rule for us and one rule for them' approach that the market works to.
I guess it relies on the third party receiving the shares before the share sale is closed out. Usually when you buy or sell, whilst it shows straight away in your account it still takes a few days to clear.
So if the warrant holder says to the third party, 'ok you pay me 0.27p per share for my 35m shares and I'll exercise them (at 0.25p)'
The third party could go to the market on day 1, sell the shares at market price (say 0.29p), the warrant holder then exercises them on day two and transfers the shares straight to the third party, who then has the shares by day 3 when they have to close out their sells.
Purely my guess on how it works, so probably full off holes.
I agree with Soup, this looks to me like the pre-selling prior to the warrants being exercised. All sales above 0.25 are profitable for the warrant holder. Its would be good news for the company if that is the case as they raise £87,500.
You exit before placing.
That s the game.
The only thing to understand is that we’ve been scammed
Thanks for the explanation but I'm still not sure I understand it. Until the warrants are executed then surely they are not theirs to sell on to anyone?