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Interesting. Thanks for that Rock. How much is considerably higher?
With unauthorised ADRs it’s considerably higher.
The issuer with be registered not the buyer/owner - as I understand it.
Could be a good move now for Liberty to take over ITV and make Caroline CEO of their tv production units which could do with some good guidance .
Regarding shareholder threshold disclosure requirements in the USA it's currently above 5%, above 3% in UK.
I keep thinking about Liberty, why would they recall their 9.9% ITV shareholding from Goldman Sachs? Liberty were happy for GS to work their magic and bring down their average ITV purchase price. There is a reason behind this move. I thought that maybe LG were going to make a bid for ITV, but now with all the high volume of ITV ADR's traded over the past 8 trading days, I'm now thinking that LG have a USA buyer for their 9.9% holding. This would make sense, all the pieces are starting to fall into place. I could be wrong and often am. This feels different this time.
Well hopefully this will become apparent quite soon
"Would they need to do this if they had the LG position in the bag?"
Because they will want more than the 9.9% that LG own before making a bid. IMO.
Rock, Nige.... I agree with both of you, and think that your assessment is spot on
Would they need to do this if they had the LG position in the bag?
It’s possible they fear LG might try to block so they need a reasonable size position ahead of any move?
Just complete speculation.
I agree Rock. I think whoever is building a stake will be the buyer of LG's stake.
I don’t think it’s LG as they have on more than one occasion that Sterling works for them - no benefit to the weakening sterling as LG have considerable asset base here and EU.
Rock.... "Yes I shaw similar linked trades between US and UK last week. There must be a benefit to someone accumulating in the US rather than London - I assume the difference is disclosure? None in US!"
Yes there must be a good reason why someone would buy ITV shares in the USA when they could pick them up a lot cheaper in the UK today. There was 28 million volume of share traded on LSE, and currently ADR's 1,237.266 equivalent UK 12.3 million.
My guess is a US based Private Equity Group.
Must be Elliot accumulating :) - After all there's a woman CEO here like in GSK and they may be unconsciously biased... Joke people before any wokeness...
Unauthorised ADRs
Yes I shaw similar linked trades between US and UK last week. There must be a benefit to someone accumulating in the US rather than London - I assume the difference is disclosure? None in US!
Ok, I just had a look at the LSE website and those larges together with a few smaller ones have been flagged with the marker 'ECHO' and according to the website this means 'off book - on exchange'. So on the basis that we've seen the following trades this afternoon :-
4,868,154 @124.5
6,160,130 @121.92 &
1,278,132 @ 121.92
Totals :- 12,306,416 @ 1.229 av
And as Rock8 has already reported the volume in the ADRs presently stands at 1,236,841 and we know the ADR ratio to ITV is 1:10 so it maybe that the two are linked ?
Its just an assumption but it is also worth mentioning that we have seen so far around 28m shares for the volume count today, that is more than results day on 9th March (24.5m) and the day of the trading statement 5th May (18.3m).
I wonder if we'll see even more action this evening ???