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In my previous message - I had meant ' It is NOT real placing' merely a transfer of shares.
Doom&Gloom boy, You have been waiting to buy at 500/550 too long, just give up and use this opportunity , it wont last long believe me ;)
I'm back in. Recognise 500's is still possible, but there's now a big gap to be filled back up to 680, and clearly, there has been plenty of appetite for buying at 700p+
GL!
They may have waived the lock up period in full knowledge of big II buyer/s wanting in? As HKK said yesterday, provides some needed liquidity. Some very big buys going through which indicates a helluva lot of confidence here.
Doesn't look like I'm going to get the bargain top-up in the range I was hoping for today!
I slightly differ Max. The one who wanted to sell, are cashing in or locking profits at 100%+ . So thats entirely understandable as they can use the monies to any other purpose... or diversify their funds or invest in another pre ipo company.
The ones who are buying, wants to buy because they are looking forward to make monies as they see huge runway ahead! Nothing changes, Further if you compare P/S with US peers such as CRWD, Zscaler , then DARK is still way cheaper. Next year projected revenue at $374m ;
Currently CRWD trades at over 60 p/s. and DARK is not even at half of that. Growth projected over 44%. Long runway ahead.
Charles - In answer to your question it is 'real placing' it is actual off market transaction between two large entities.
I see they have waived the lock-up period for these shares, so now they can now be sold on the open market.
Makes a mockery of the lock-up period imo
HereKittyKitty
it is to "eligible institutional investors"
What it indicates is that whoever was selling was willing to sell at a discount in order to avoid waiting out the lock-up period, which for most IIs was 6 months from float. Clearly they still made 370p per share, but it also indicates they felt further upside was limited at this time and to be fair whoever bought them thinks there is some upside to be had or are making a long term investment.
Unfortunately, it puts the share price firmly below that 672 support which means support now sits 500/550 zone. I said before I had sold my shares, I will continue to sit on my hands and see how this develops before jumping back in.
gl
I have added... was an easy decision !
Looks like price may have bottomed out. Slowly creeping back up and screen shows a healthy percentage of buyers at this level
Hi Max
Agree on lock in period 100%
Agree on IIs selling 100%
But it didn’t say who they were allowed to sell to in original RNS
As it happens today’s RNS shows other II bought for 620
Anyway it’s all done now :o)
GL
HereKittyKitty...
sorry bud you are wrong, it is an II selling a locked in holding from the original IPO to other IIs. The buyers also have to observe the lock in period, meaning they cannot just sell them on the open market.
likely bounce around 6-620 range - will be some annoyed investors
I’ve added & will continue to if any lower action
Absolutely fabulous opportunity
620 is a fantastic news for us longs.
Looks like Draper Esprit last mont offering at 800, today it's at 1050
Agree could present a nice top up or initial buy - always be careful first 30 mins of trading - GL
Sold at a discount though of 620p a share hopefully we don't get a massive gap down today. Could be a solid buying opportunity to top up though if that's the case.
squadraazzura It’s an II selling on open market - anybody can buy II & PIs
Looks like they sold out over last couple of days as new RNS
Further to the announcement on 5 August 2021, KKR Dark Aggregator L.P., Summit DT CLN Holdings 4, Hoxton Ventures Fund I Opportunities III, L.P. and Balderton Capital SFI, S.L.P. (together the "Sellers"), announce that they have sold 23,150,000 ordinary shares (the "Placing Shares") in the Company at a price of 620 pence per share (the "Placing").
Hopefully the placing will have been completed and a rns advising so will be released by 0700 tomorrow. The sellers want to sell a minimum of $150m. Assuming a price of $9 each, likely to be upwards of 16.66m shares sold, perhaps 20m. Obviously the higher the demand, the higher the bookbuild sale price. The Dark sp likely to reflect that.
Summit Partners are original investors in Darktrace. KKR DA came in on the second round of investment in 2016. They are the major sellers in this event and currently each has a director on the Darktrace board. They are likely to remain as major shareholders in Darktrace. The other substantial major shareholder in DARK is Angela Bacares, who just happens to be Mike Lynch's wife.
It's internal selling of existing shares to institutions. In itgercwirds, moving shares from one owner to another. They will be snapped up straight away without even realising. No dilution because these are existing shares.
I appreciate your informed perspective on this HKK. DARK's a long-term hold, so any temporary volatility is a possible buying opportunity in my book. As it's impossible to time, I'll just try to buy more if it hits a price I simply can't resist. :-)
Another final thought
There are 698m shares issued
@ the IPO price of 250 @ $150m it’s around around £108m so circ 43m shares
So 6.1% appx of the shares in the company will be sold tomorrow which is massively higher than the previous daily volume of 615k shares appx around 700% more sales in a volatile Lynch environment where the price has been suppressed
Could well see 500-650 buy opportunities
Good Luck & don’t panic buy or sell - keep calm
Finally, it will still be over 800 by xmas IMHO (always do your own research & don’t put trust in BB posts)
They key thing here is it’s a secondary offering from a lock up period of an institutional investor vs a dilutive primary offering direct from DARK. All depends if the market sees this as an II cashing in profits as concerned on Lynch or not. My gut feel (research your own views & make your own decisions) is we may see a dip and recovery into next week only because of Lynch looming & the II may take high 500s to mid 600s as they bought in at 250 but that just my hunch
Beyond that it sends a signal they want to run & take their profit while this Lynch stuff resolves ….
We bounced off 658 twice so 660s seem ok and push down from 700 with Lynch so they may just let them go mid to high 600s …. I’ll be watching Level 2