I don't know. I would be very interested in seeing written proof of that. To be honest I would take him at his word if he did say that (I assume you are talking about Wilbur Ross). He is a man of his word from what I have read about him. He will either stand by what he says or he says nothing (in which case he can do as he pleases). You should read Opportunity Knocking. It gives a very honest to god picture of how WR works, what motivates him and why he is so motivated.
Goodbody - 5th June - Bank of Ireland Completes tier 2 issuance
Bank of Ireland yesterday confirmed it raised €750m of tier 2 capital at a 4.25% coupon for 10 years (MS+355bps). The bank indicated the pro-forma total Basel III transitional capital will be c.15.5% after the issuance. The coupon on yesterday’s issue compares with the 10% coupon on the group’s last tier 2 issuance in December 2012.The order book was 5x oversubscribed.
The issue by bank of Ireland highlights the strong appetite for bank paper in general, but Irish paper in particular. The spread for the sovereign continues to tighten and Irish 10 year paper now yields just 2.6%. Improving profitability metrics at the main banks is supportive of ongoing issuance at attractive levels.
He can sell from today if he wants to, but he doesn't have to announce today. If he sells he has to disclose his dealings within a few days. I am not sure how many days it is on the Irish stock exchange though I believe all European Stock Exchanges should now be following the most recent FSA rules. Within five days (A director is obliged to inform a fully listed company of his/her dealings within a four day period of said dealings. The company then has until the end of the following day to inform the other shareholders by the close of business of the following day, so five days in total) is a figure I vaguely recall but again the last time I looked at revised FSA rules was 2008 and there have been at least two revisions since then. And I only had a cursory look through the regulations so I am not an expert in this area.
.. I would not be surprised if Blackrock is the culprit for shorting BOI the past 2 months.. They want to push down and buy at the cheap.. BOI should beware of this day trader...
the same that Blackrock does to tilt BOI like a pinball machine, they will also do to AIB... this is one dark greedy investor that companies would be better without... the fact that they buy and sell shares every day is proof they are not long term and in to knock everyone off the market..
BOI should have some news coming out about July / August with results. As far as I have read, most broker firms are positive about BOI with a target price in the 0.30's + range..
25.02.2014 - BR went above 3 % to 3% = 971,703,842 shares 26.02.2014 - BR went below 3% to N/A 28.03.2014 - BR went above 3% to 3.01% = 972,879,421 shares
04.03.2014 - First Sell off by Wilbur Ross
10.04.2014 - BR went below 3% to N/A 30.05.2014 - BR went above 3% to 3.05% = 987,132,270 shares
Importantly on the 2 occasions when Blackrock went below 3% - they may have gone simply to 2.999% - they never sold their almost 1Billion shares, to the recent threshold crossing doesn’t mean they spent big at all.
I don’t know what WR will or won’t do - the last time BR crossed a threshold to above 3% he sold almost a week later.
Personally I hope he starts winding down his holding bit by bit in sizeable chunks - the possibility of him offloading the entire amount in one go is definitely affecting anyone with an interest in this share or interested in it. I’m both by the way.
As for blackrock - what their doing, and the actions they take are obviously done for some purpose - I dont't have any idea what that prupose is though.
Pay no attention to Blackrock. They are the shark in the pool. They are out to make money by sending mixed signals about what they are buying and selling. They buy 2.99% of BOI, and hold it for a month or two, then buy 0.01% and report they have gone over 3% to look like they are buying, then 2 days later sell their whole lot.
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