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Did you see RNS filed 22nd for the position up to 21st May shows 7.4% held or 45.7m shares?
In a previous post, my estimate guessed that downward pressure last week on Monday & Tuesday felt about the same as the downward pressure on the next 3 days.
Parvus sold 6.6m & 6.4m on Mon & Tues according to RNSs & the latest RNS reports them selling at twice that rate Wed & Thurs to offload 24.2m.
They would be out by CoB Wednesday if they are selling all at 12m per day & the demand for shares seems twice as effective.
last cheap (22.5) trades before recovery to 25+ imo
I agree. Parvus were clearly distressed rather than strategically reducing their position here. Suspect they have big issue elsewhere.
Parvus have got to be silly buggers, if they would have just sold gently they would had achieved a much better price
Fair point, You are right. Its anyone's guess as to when They will stop selling and they know that after dumping so much and impacting the price so negatively, the price is bound to recover somewhat. So the strategy may well be that they would sell half at different price points and then let it bounce back before giving another shock with remainder to be sold. Like i said its anyone's guess. May be its also a right time for Retail investors to delevarage and balance their portfolio by selling % of AA with reducing risk but also risking future gains. Its down to individual's risk appetite i guess.
Good points both, Pianista & ck2012. Thanks.
How wouldn't it seem sensible to ease off if a penny rise improved proceeds by 5% and there were millions to sell?!
We can only guess what motivations are in other sellers & when they'll change. I wanted to share my guess of what they have left as people talk about when they will be "out" while I muse over trading volume statistics wondering what to expect!
Great if they have slowed down or stopped, hope we are all brought back on track.
GLA
Pianista - Some of those different clients that Parvus act for, are Citi Bank and HSBC.
Parvus is "investment manager to a number of funds and managed accounts". So it's not a single holding by a single entity. Parvus has different investment management agreements with different clients. Some of those may have required divestment, others not, and maybe there's no more selling to do, at least for now. If there is more to do, it would suit Parvus to let the SP recover a bit before doing so.
even if parvus sold till 22nd, it shouldn't impact the price today unless they are also selling today. Which doesn't seem to be the case with the price action this morning. Lets hope we continue legging up and secure 25 as a psychological hurdle first.
SP seems to have less downward drag on it today, Parvus must have over 50m left*, perhaps they aren't selling or not at the same rate. Great!
* logic for this is that the RNS filed 21st May 20 disclosed 11.3% or 69.9m shares held on 19th May being sold at rate of about 6.5m on 20th, 21st & 22nd (which seemed to have some pressure down) - say 6.5m each day = roughly £19.9m so 50m left
no RNS since then so perhaps selling on 20th, 21st & 22nd yet to be reported,
Not really CEOAdam.
Particularly, given I have a significant holding here.
I just say what I think and stand by it.
Today I think any AA rise will happen at a slower pace than the broader market.
Just an opinion, that seems to borne out at the moment.
definately agree - lets hope its not another week of floating around 20p - 22p
Knowbody gentle de ramps in every post. It's a hot day. Shorters must be sweating.
Still seems to be a bit of downward pressure here.
Often AA. plays catch up with early market movements (when upward anyway).
Guess people aren't as excited about breakdown cover and insurance as they are about clothes shops, travel companies and, cinemas.
Patience will hopefully win the day.
Thought we will jump as Cine did this morning, 25%. Patience needed here