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Personally think, the RNS was not released because there was other information that would need to be released alongside it (joint venture with VITOL- I can only hope) that would put the cat amongst the pigeons! It is reasonable to assume the reason for decline was in fact the signing of the deal alone and those sellers probably not privvy to the other information. Both main parties of the government are adamant that UK ships are built at UK Yards- I am absolutely certain that if this information was available whilst H&W was in administartion they would have been swallowed up rapid. The future is looking brighter and brighter. AIMHO
Lisa I assume is conflicted .. has expressed genuine support for securing the H&W jobs, but will need to Square that with INFA remaining viable as a project and not going bust .. and this means Gas Storage .. the flagship project .. onwards and upwards
Going to make interesting reading Monday, I would much prefer a 7am RNS than a 430pm RNS as the latter are normally highly negative, With JW's Knowledge of the industry I have no doubt he has something lined up from ex colleagues.
Speedy, my thoughts exactly. Amazing if it’s sorted much earlier than the backstop. No way would the NI gov and BDO allow the transaction to go ahead after due diligence if there wasn’t a robust plan in place.
lootgaloot, reference the market activity on AIM. The penultimate paragraph of your early morning post reveals a misinterpretation of what has been suggested. I didn't say that the INFA sp may have been "walked down to a fraction of its true value over an extended period" just that it had been manipulated from time to time. And that manipulation was not the sole activity of MMs. But to comment upon the activity of MMs on AIM, (which was a more specific part of the dialogue), they are obliged to attempt to make a market in the shares they deal in. But the risk they undertake is negligible. Firstly the number of shares they hold in any AIM company at any given time is very low indeed. They buy in shares for which they already have a purchaser and they profit from both sides of the transaction. Not much risk there! Part of their undoubted skill is to hold the minimum quantity of shares. Have a look at Level 2. Of course there are rules on AIM but they are poorly observed and hardly implemented. It would be akin to the referee in your football analogy knowing the rules but not bothering to enforce them. And so it goes! Thanks for your input and that's mine. I'm not a tutorial poster.
They probably missed the RNS deadline for disclosures but this explains the large sells and depressed share price as obviously quite a few people knew what was going on. Who is going to expose the terms or wait on the RNS?
Hi All.I'm a First time poster, but I've been following and invested in a small way since the boardroom coup. A lot of investors complain that their " buys are showing as sells". Forgive the nieve question but aren't all buys sells as well? Shouldn't they show as buys and sells? Thanks
That's surely enough of the horror stories thanks..........my money (literally AND earnestly) is on JW and Arun.
This WILL be a resoundingly successful company and I am proud to be standing full square behind our dynamic duo.
They have ALREADY defied sceptics and performed miracles and IMO will continue to do so. They have been astounding in the face of much trial and tribulation and nothing short of heroic (in the classical sense) in their breathtakingly bold moves. You have to speculate to accumulate and obviously no risk no reward........yes the risks here are/have been very high, but the potential rewards are staggering.
Lets give them our unwavering support and thanks for steering through these choppy waters........for my part...."many thanks to the Board and everyone else that have given their absolute all on our behalf, such as Judith who has worked wonders in the background. I am 100% convinced that your herculean work will pay off and everything will slot into place very shortly.........keep your peckers up.....the darkest hour is just before the dawn!"
I'm not a MM, I don't know any MMs and I don't work in the financial industry. So I cannot claim to be an expert. As I admitted in my post, I'm sure such fun and games do occur. It may have come across that I am a believer in the 'efficient market theory'. This is not the case, I know that human nature and human greed play a role.
We all have our way of understanding the world, perhaps it’s because of my background in physical science (Chemistry) that I see the world as rules based.
In fact a better analogy would be as a game of football. Each player will try to cheat/dive/gain an unfair advantage and may sometimes succeed. However, each player is also constrained within the rules of the game. If it were a ‘free for all’ the game would very quickly descend into chaos.
I cannot believe any system (whether it is a chemical reaction, a game of football or the financial markets) can remain stable without rules or constraints acting upon its participants. Abuses may occur in isolation or over short periods but for a MM to walk down a share price to a fraction of its true value over an extended period of time?
Si_Derman, yes, I’ve seen it many times. The most enthusiastic rampers are often the first to bail out.
Sorry. Disagree fully. More stealthy games than Hamlets on a Saturday. More crooked than Griselda’s nose. No siree. It’s not at all kosher. Hope you don’t find out. My dwgree in economicsxand post -grad in investing were all just crumbs in the cake.Balanced market is bo******s. No disrespect. Just untrue. ( And only a very few mm’s go down boozer ..really ....most can’t wait to leave the City asap ! !But that’s just me being picky and pedantic even if that’s totally true too !) I wish I hadn’t studied and learned academic finance ..maybe I wouldn’t have got caught up in it . It’s not like the text books say . Neither are the Mm’s. Setanta’s assertions hold much potential water. Market is not “ self-balancing”.. It is a falsity with respect to believe so. I had to unbelieve it over a span of 42 years.
I’ve never fully bought into the “market makers playing games” trope. The MM function is to create a market, they make their profit on the spread; the difference between the ‘bid’ and ‘ask’ price. It’s a pretty sweet deal and you can make a tidy profit by operating conservatively. Why take the risk of pushing the price somewhere if the ‘market’ doesn’t agree?
Greed! I hear you say.
Well OK, but with greed comes risk. The MM can try to work the share price down to an artificially low level but they are taking a huge punt. They effectively become a speculator. Drop the price and you risk having to sell your shares at a low price to investors who recognise the true value of the share. Suddenly the MM finds itself low on shares but still with the obligation to create a market. It has no choice but to buy back the shares it sold cheaply but at a higher price. Why take the risk?
It makes sense to me that the MM would prefer zero risk while also taking a nice tidy profit on the spread. The big money comes when millions of transactions are executed per second. It is more lucrative for the MM to create a high volume of transactions. Price distortion will only reduce the number of transactions while taking on unnecessary risk.
In fact the MM isn’t completely immune from risk. Every time it changes the bid and ask price it has to push its luck a little. You could call it price discovery. The art is to keep that risk to a minimum while still making your profit on the spread.
OK, I’m not completely naive. I realise that come 4:30pm everyone clocks off and meets up in the boozer after work. MMs have a few drinks with the traders while rubbing shoulders with journalists. A few nods and winks are exchanged and I agree; it is possible for market insiders to act in concert to manipulate a share price and the MM is a very important actor in such a band of thieves.
But I stand by my assertion that any price manipulation is to swim against the tide of where the ‘market’ determines the price should be. This is my two cents or as BlairPeach said much more succinctly… “An 85% fall in 2019 purely due to manipulation?”