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JoeSoap, A single buyer was not lined up; the shares went to several buyers and we will soon know their identities if their holdings now exceed 3%.
The interesting bit is that the off market sales have so far led to 55m shares being traded. I understand Morgan Stanley had a surplus of buyers so perhaps they will have to be satisfied by buying on the market.
A sale of this number of shares would almost certainly be bound in with a warranty that the seller was not aware of anything that might be detrimental to the share price
Indeed Ad - the RNS says it's an accelerated bookbuild & "outside of trading venue". Suggests it's either 1 new holder or probably a small hndful of entities who will now be relatively big holders.
Joesoap,
"I think they placed the shares.....to find some buyers."
Maybe. But the fact remains that they found a single substantial buyer. Which is very significant. It's not as though Kerogen had dumped 25% of their holding on the open market, because were that the case, it would be good cause for panic.
Whereas this transaction isn't.
" but it mustn't be forgotten that Kerogen had a buyer lined up:"
I think they placed the shares.....to find some buyers.
jimo
shutts,
"I think they've played a blinder.
Having bought at 15p they've only had to sell c. 1 quarter of their holding to get almost all of their money back and practically totally de-risk their entire remaing and huge holding."
I think that's the most sensible post I've read so far today. It's natural that a large selloff by a major investor provokes nerves and negativity, but it mustn't be forgotten that Kerogen had a buyer lined up: another institution that wants 'in' on the story, making a very significant capital investment. So it's a mutually beneficial arrangement.
Plus also, nobody is going to make such a significant investment at these prices in the belief that the SP isn't likely to improve considerably in the future.
I think they've played a blinder.
Having bought at 15p they've only had to sell c. 1 quarter of their holding to get almost all of their money back and practically totally de-risk their entire remaing and huge holding.
At 46.5p they've more than tripled their money on the 110 million shares.
Free money on the rest of their holding - can't ever sniff at free money.