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So much talk of sneller increasing holdings/buying in on the cheap..
https://www.lse.co.uk/rns/ODX/holdings-in-company-g78qm3zrz3w3uf7.html
That’s his last
Holding RNS and what he still holds.. he hasn’t bought/sold/increased
Correct, I’ve sold and bought some shares on the raise, £s wise far more than I invested now still in and it’s portfolio management which is pretty much standard everywhere
"If they took out all their holdings then I would be more concerned but still unable to guess accurately as to why they would do that. For now, they still hold more money in ODX than they used to and are positioned to see this grow again over the coming years. That's all this is. It isn't a statement about a lack of confidence. Rather, it's just how funds have to operate and appears to me to be more of a story of a very successful "small" company."
Good post which I agree with up until that last para. Although they could hold we don't know if they will or if they will continue to sell down to nil.
Either way it is what it is, but I am going on the assumption that they will continue to sell down in the short term until out.
On 9th Sep the very same entities of Legal & General reported their holdings for Anexo Group (ANX) going below the 3% threshold, as per the FCA rule below. No doubt, they'd do the same with ODX. The 5% threshold is from the EU directive, which the FCA rules (below) supplement for UK-listed companies. The EU directive refers to aggregated holdings for group companies and that 5% is in the context of the EU starting point for notification, which is actually 3% in UK.
'A person must notify the issuer of the percentage of its voting rights he holds as shareholder …. if the percentage of those voting rights:
reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% (or in the case of a non-UK issuer on the basis of thresholds at 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%)'
So I think it's safe to assume that L&G now hold between 4% and 5% of ODX. They appear to have sold about half of their holding, which is unsurprising for a fund taking profits from a fast-growing company they invested in over 10 years ago.
What they do next is anyone's guess.
Reporting threshold is 5% for "a group of companies" therefore once they've crossed 5% they no longer need to report their holdings.
They've obviously top sliced and who can blame them, in these covid times they've probably a few more mouths to feed. Wouldn't be surprised to see them invest some more at these prices.
raaydar - I believe you're supposed to notify when reaching or reducing below 3% and 4% also, according to the rules.
If they took out all their holding it wouldn’t be a cause for concern. Times are hard, Covid has hit everyone hard and frankly a lot worse is still to come. So cashing in now could be the difference between keeping staff on or making money and losing staff. Nobody will know the real reason.
Why must they be above 4%? No requirement for them to notify their position once they cross the 5% threshold
Legal & General have sold about half their previous holding in ODX, taking their total below the 5% threshold.
I've been back over the Holding notices for L&G and gleaned what I can in terms of facts rather than do pure speculation.
They have been invested in ODX at least as far back as 2009 when they built up a 10% holding when the SP was 21p.
After their last share purchase, way back in October 2010, they held c.18% of the company, which was worth about £2.3m at that time. This was the most, in terms of proportion of the company, they held - at least as far as I can see.
They've now gone below 5% but must be above 4% so let's say they now have 4.5% of the company, or about £6.125M.
So, compared to their peak in 2010, they now have one quarter of the proportion of the company they used to hold but at 2.6 times the value, so much growth over that time. And they have taken profits from their holdings since then.
Building, top-slicing, diversifying - all standard practice for investors, whether institutions or individuals. Funds have rules when individual holdings become too heavy and it shouldn't surprise people if a fund needs to reduce the number of shares it holds after a very successful year SP-wise.
If they took out all their holdings then I would be more concerned but still unable to guess accurately as to why they would do that. For now, they still hold more money in ODX than they used to and are positioned to see this grow again over the coming years. That's all this is. It isn't a statement about a lack of confidence. Rather, it's just how funds have to operate and appears to me to be more of a story of a very successful "small" company.