Cheers, hadn't spotted recent movements from them and the form didn't appear to show any sale or purchase (was only flicking through them but don't think it showed either?) so assumed that they'd gone back over the 1% disclosable threshold. Marshall Wace went below the disclosable 0.5% short threshold on Jan 19 as well so would still have some to close (didn't check on the FCA this morning but am assuming they're still reducing as they had been steadily).
It is because they also have a tie in with Seplat in some way - Citi Group for example recently took part in the debt refinancing there (is also one of the three lenders for Afren's Ebok revolving credit facility). The 8.3s are simply for anyone with 1% or more holding in Afren and records any changes to that position - 8.5s for exempt principal traders. Seem to be seeing a few new ones but also some reduction or increased shorting by others and is all part of the churning going on (if you look at the Barclays one for instance there's a real mixture including a million-plus purchase and a million plus short - also some swaps as well as CFDs and trades of normal shares.
Sp is being manipulated by the nigerians. They want afren on the cheap. Imo afren are not stable enough to maintain any gains. Bought and sold a few times. Something about this company tells me that it will rock but not just yet. Patience
If it was in that bad a situation then i doubt Fitch would have only downgraded it to 'B-' status yesterday - worth a read of their views on the financial situation here. Did very well in early 2009 buying banks and miners that were supposedly about to go bust, and at a later date in the likes of BA. (in the 120s during the strikes). Just a case of picking the ones that won't go bust - some will remember the likes of Connaught and others - but certainly don't see this as being in that category!
Gary, you know much about these forms? My question relates to the section in some of them: "(f) Has the discloser previously disclosed, or are they today disclosing, under the Code in respect of any other party to this offer? YES - Seplat Petroleum Development Company Plc"
Is this a procedural thing and only listed because of the seplat potential offer. Or does it mean something else like they're buying on behalf of Seplat or anything else? Bit confused by the terminology of this bit.
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