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They may well have outgrown finnCap.
The main point here which I posted numerous times. Is that none of these large holders and institutions had their shares crossed with a new institution. Two points here what was the house broker doing and why if thesr holders were so supportive they just offloaded into the market.
The company approached these things when they wanted to raise extra funds. So please dont tell me that no conversations took placed when they wanted to sell. House broker and so called previous backers seem too be acting at odds with the company inmho. Question is why
I agree MB. Timing from L&G has been unhelpful for ongoing investors, but does create opportunity for those prepared/able to increase their position sizes.
It’s been my view for a while that ODX needs new investors (preferably institutional) to make SP progress. I think we are approaching the point at which II’s will be attracted to the cash generating potential of the company. I would not be surprised to see TR1’s from some new names in the next few weeks. When we do see that we may have a catalyst for an upward move.
I had thought ODX would do a placing to onboard some new II’s whilst funding investment in manufacturing capacity, but they evidently don’t need more cash for now. So any coming in will have to do so via the exchange, where we’ll see their activity. In general this won’t be II’s preferred route to building a stake.
Watch for positive TR1’s..!
the problem is its always positive... you here what you want to... but the result are not. I am keeping faith, but I have my limits. May have to sell and buy back when it drops further.
They say actions speak louder then words! its time to prove it! GLA
What an awful week for the share price. I listened to the whole webinar and it all seemed positive to me. Let's hope things improve next week.
It's just typical that so many factors have been against us amongst the backdrop of what should be value adding progress. It may not seem that way now, but it is the biggest gift to PIs enabling many to get a decent chunk at a price that really should be well behind us.
I wonder if we get the Q&A published Monday morning? Rather have one of the expected RNS, but there might be some snippets in the q&a!
MB - it was your description; “...a general decision to go to a certain % cash”.
The L&G holding is/was (as is the norm) split across a number of different funds (see https://www.morningstar.com/stocks/xlon/odx/ownership), each of which will have their own limits and parameters. Some will be able to use cash as an investment vehicle, some will have tight restrictions on cash holdings that are intended to keep them fully invested. Whilst the investment managers/teams involved have decided to reduce their exposures to ODX, this won’t have been driven by “...a general decision to go to a certain % cash” as hypothesised in your original post.
Starbright - perhaps not top down in the way you describe, but often there is a clear asset class shift in the markets and we have seen that this week with a risk off move. Equities decline against a favourable movement in the US Dollar basket is proof of a shift to safe havens.
That’s not really how large investment houses work MB. For all sorts of reasons, very few investment decisions are made top-down in the way you suggest. I think it’s more likely that this is a share that has exceeded all of their targets (albeit for reasons they couldn’t foretell when they invested originally!) and they are happy to take some profits and reduce their position sizes back to where they were.
It was a big risk off day across the markets. It is possible they had a general strategy to go to a certain % cash
Fidelity are doing the admin the underlying investments are still with L&G. Although this could have prompted a review of holdings and therefore the current sell off
They have sold their investment arm to Fidelity, that's why they are selling. Cashing in twice. They will be out by Monday I am guessing? Then we should bounce. We've had at least 2:1 buys to sells since Wednesday.
don't be spooked by L&G selling.
I used to work for them and they have strict rules on % of holdings and company size.
When this was <£50m market cap they sold a fair chunk as they could have more than x% in ££ in any micro. So every time the share increased they sold a few.
When this went above £100m different rules would have been applied but these may have been tweaked recently, hence the recent sell off.
Keep the faith
Yes, 3 days by the issuer after receiving notice from the investor. The investor has 2 days to notify the issuer, making 5 days in all. The clock starts ticking from the day after the disposal which means you have just over a week to play with before the market must be notified.
Has to be reported to the market in 3 days.
And to add to that point, the info on the websites was correct on those days, but during the brief period L&G were disposing of shares. So all their notifications to ODX up to a certain date were accumulated into yesterday's RNS.
Might be more to come, but none of us can say at present.
My understanding is that it is a two-stage process, each stage having a different time limit by which info must be released.
So there's a period of a few trading days before the investor (L&G) needs to notify the issuer (ODX) and then another few days before the issuer needs to make that info public via an RNS. In total there could be more than 1 week between carrying out the sale and the RNS.
Just looking at the rule on shareholder disclosure obligations. An investor who goes beyond 3% has to notify within 2 days of it happening, they also have to notify on any increase or decrease in such holding through any single percentage point. So what have I just seen with Legal & General. According to their previous TR1, they had 9.14% and now are under 5%. 9.14% being approx 16.36m. However according to what was posted here last night and on a few sites (including Omegas) they had 10.64m (5.94%) last week, prior to the sell off that took them below 5% on the 28th. So how have they managed to sell 3.2% (9.14m to 5.94m) of the companies shares without issuing a TR-1? Like I say every 1+% drop needed to be notified, and this doesn't look like its happened?