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Normal practice in gilt and bond markets to trade WI or 'when issued' shares in advance of the actual auction and first settlement of actual securities.
The rules are complex with AIM and I am no expert, but if indeed market makers had a heads up before the placing announcement that should be illegal.
Market makers going short AIM share after placing announcement is another matter and defitely is allowed.
AIM is well known though for insiders front trading on non public news, as clearly happened here.
Hopefully 120m new long term investments have been made. Alternatively much of the 74M recent volume could be some of the 1 billion shares outstanding being sold off to close out what hasn't exactly been the share of the year in 2021.
All will become clear soon as we see market price action and further news. Would be great if something could finally work right for ANGS for the first time.
Precisely
Now I'd hazard a guess that 35m is being left for a sweet short to 0.60p
Risk is minimal as punters weak
However pat had a good placing
Up 55%
MMs can sell short as part of their normal market making activities. They can easily forward sell placing shares and then have them replaced when the shares are admitted, IMO.
Strangely enough we been seeing 30+ mil volume and 20+ mil volume days this week, but today when the shares are officially admitted the volume is a mere 5 mil!
That's a very fair question.
Unlike Crocq, I believe it's fairly trivial (and very frequent) for an institutional investor to arrange to forward sell shares by agreement with another already holding said shares, and then effectively replacing those a few days later.
It's basically very similar to a short, which is something that, although not open at all to PIs, is a mechanism available to institutional investors, should they so wish.
Exactly ED.
Who was selling 1 mil and 2 mil share blocks below 0.7p?
PIs that suddenly gone mad and are selling at a loss at rock bottom, just before news on SFB?
So croq
Who's sold down 74m shares?
It seems to be common thinking on these boards that placing shares are always forward sold.
It is impossible to forward sell placing shares as no trade can be permitted until they are issued and confirmed as available at the holders account. It is not possible to raise a trade for any new shares that are not on an account.
Of course, it is feasible that someone participating in the placing could be selling shares they already own to be replaced by the shares they expect to receive, but, they would just be diluting their own position, and holders participating in placings will usually look to maintain their existing weighting, not dilute themselves, or be new investors taking a position, in which case why would they then sell (they will not be in it for a quick 5%, or whatever).
It is in the company's best interests, for placing shares to be targeted at holders who intend to hold, and not those looking to make a fast buck, that's why they are often not aimed at PI's, but professional investors who know the company/sector.
Sorry, but this forward selling mantra is just another BB myth for me, perhaps true in some instances where a placee may sell some shares already held, or upon receipt of the new shares, but the entire placing shares will most definitely not all be sold at the first opportunity, and certainly not forward sold.
Also, the broker would be failing in their duty to the company if this was to happen.
HITS, I don’t think that the placing shares have all been forward sold. I think the majority is still to come. Personally, I am expecting to see the Ask at 0.65p (and hopefully not less).
Unless the EA approval hits and creates the demand to clear the rest of the placing shares at higher SP.
Looking at the volumes traded over the last week (and as several others have commented), it looks as if those wishing to make a quick turn on their placing shares did so by forward selling, as is normal.
Per the RNSs, the placing shares were being admitted for trading today.
No evidence so far of any additional flow back. On the contrary, all very quiet.
"but is right now the most sensible time to do that? "
HITS - my thoughts exactly when I saw it was a w/o rig - but remember this isn't Statoil - its ANGS......................... it was probably cheaper to use it now....
Mira, okay maybe... but is right now the most sensible time to do that? I mean they're not expecting first gas for another 3 months best case (according to the latest revised CPR... I personally don't give any credibility to ANGS's own estimate of Feb, which would seem to be another example of its long-ingrained significant over-optimism).
they may be pulling the plugs etc inserted when they temporarily stopped producing the old wells
Whatever the reason for the presence of the rig on site, we can all see that the level of activity at Saltfleetby is increasing noticeably.
Wrong or right. Let’s get this party started
Irrespective of the work over rig, it changes nothing as far as 1st gas is concerned.
So far on site we received the flare, the analyser package and the metering skid. Unless we receive the EA approval this month and the rest of the equipment by February as in last RNS delivery schedule then is goodby 1st gas in Q1.
This is the essence.
WG, thanks. Beyond my field but why would a work over rig be required? Didn’t the shutdown help build up the reservoir pressure? I wish Angus would tell us what they are doing … be a bit more transparent.
I don’t recall Angus mentioning a work over rig, anybody else has?
Thanks Yanis
Had a look at some pictures and it does indeed look like a workover rig. The drilling rig picture at Saltfleetby on DOD is much bigger. It’s obviously doing something as the restraining cables are set up.
WG, I don’t know why a work over will be needed now. No idea. A reservoir engineer would know.
And guys, yes, I have tons of experience in the Oil & Gas industry. I did mention upstream and downstream …
Reservoir engineering, drilling and sub-sea are different. I do not have experience in these, I understand a few things but is not my field. I know about what goes on on the surface.
Yanis. It's no test and we will see if it's still there tomorrow onwards.
We still don’t know how long the rig has been there - two possibilities
(A) was brought in days ago for sidetrack before first gas, but this as per the RNS has changed. If this is the case then is waiting to be taken down and removed. I don’t see them keeping it there until after 1st gas.
(B) They changed their minds since the RNS and the rig was just brought in (and I don’t mean brought in elevated!) to drill now.
If we are to believe the RNS, is (A).
Bigger late-reported trade: 5.7m- at 0.68p.
Workover
Yanis
It’s clearly a rig over SF7 and wasn’t there when the flare was delivered. Some comments that it’s a workiver rig on twitter now.
Your an industry expert? What would it be for?
BV, I said “waiting to be taken away” … ofcourse it has to be taken down first … you want every step spelled in detail? What is this a test?