None of the large holders (1% plus) have sold a single share.
Outside of a takeover period they report within a few days of crossing certain % thresholds rather than reporting every trade. BUT during takeover period the rules are different - anybody holding 1% or more must report ANY trades by 3:30pm the following trading day.
San Leon is still listed on the Irish Takeover Panel's "Disclosure Table" so they are still deemed to be in a takeover period and these "takeover" reporting requirements apply.
My first thought on observing the past few weeks trading was that Tosca has told fanning to accept the apparent offer at 80p or hopefully higher as soon as they have accumulated enough in the 50s so they will turn a profit, and perhaps they have told other large holders they must part with their shares or they won't allow the buyout - therefore other holders are selling an agreed amount but don't mind too much as they bought lower than the 50s and will make more money on the ones they have left when it all goes through. I note that there hasn't been any mandatory reporting threshold crossings in the RNSs for major holding reductions so far.... but apart from that isn't this simple explanation more plausible than this rather complex squeeze out idea? Unless this would fall on the wrong side of the rules.
Good to see the comments rolling again - ref shareholding and coordinating buying which surely must be taking place for the price to remain so stable - thanks for the 80% squeeze Irish law information - now that could be a real bumbler of a plan is to force us already decimated PI to sell at 58p - Jeez - hope OF and the others go throught the same mangle!
Tosca can't reach 80% with the shares available unless they persuade a couple of the other big holders to sell to them or come in with them. So far none of the big holders have sold any.
Tosca do hold 10million options which they could convert at any time at 25p per share. A little strange in a way that they are buying at up to 57p when they could convert for 25p? They must still consider the current price to be cheap.
According to the results of the GM dated 20th September 8 San Leon directors also hold 13.7 million options between them and there have been no RNSs since saying that any of those options have been converted.
By my calculations if Tosca bought every remaining share not held by the other big investors, plus converted their 10 million options, plus persuaded the directors to convert their 13 million options and sell them to Tosca they would hold just over 70%. None of the other holders has 10% so Tosca would need to work with 2 of the other holders to secure 80% in my opinion.
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