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Ok - have taken a closer look at this.
DTR 5.1.2 states:
"A person must notify the issuer of the percentage of its voting rights he holds as shareholder or holds or is deemed to hold through his direct or indirect holding of financial instruments falling within ¦ DTR 5.3.1R (1) (or a combination of such holdings) if the percentage of those voting rights:
• (1) 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%) as a result of an acquisition or disposal of shares or financial instruments falling within ¦ DTR 5.3.1 R…”
So if - as a Canadian incorporated business - OMI is defined as a "non-UK issuer", then the disclosure thresholds appear to be 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75% for all investors.
Loryser had 10m shares. 5% of 188m is 9.4m. If my interpretation of the regs (above) is correct then we'll see no more notifications from them, unless (as I think our CEO said) they tell him they are out out of courtesy.
Perhaps more interesting is that the usual 3% +/- every subsequent 1% thresholds don't appear to apply to OMI.
That's far enough down this particular rabbit-hole....
Orosur itself says:
"Significant shareholder disclosures: As a Canadian incorporated business, statutory disclosure of significant shareholdings may be different and may not always ensure compliance with the requirements of AIM Rule 17. Shareholders are advised to consult the United Kingdom Financial Conduct Authority's Disclosure Guidance and Transparency Rules Sourcebook ("DTR") when considering their requirements to disclose holdings to the Company.
Orosur is not subject to the UK City Code of Takeovers and Mergers and as such, the rights of its shareholders may be different from the rights of shareholders in a UK incorporated company."
That's not very clear.
Btbt, you may be correct .I hold cnr also that are dual listed uk and Canada ,although not based in canada, and I have seen tr1 for Ross Beaty reducing at the 5 per cent level . Aim is a lottery but It would be a bit surprising if they dont have to conform to aim regs .
Coggy and myself have experience of foreign companies listed on aim so anything is possible .
Interesting point re different holdings disclosure requirements for TSX and LSE. I heard that comment from Brad also.
I will see if I can get a definitive answer as to which set of disclosure requirements apply and why. Does anyone here have a clear understanding of OMI's two listings? There are a number of different ways in which a company can be listed on multiple exchanges, and I've not been able to find an explanation of how OMI is structured in this regard.
IIRC there wont be a TR1 here as OMI operate under Canadian rules where the threshold is 10% not 3%. Brad stated that he wouldn't know that they were gone until they are at 0%, at which point he would tell the market.
Elsewhere I have seen tr1 when 5 per cent breached ,4 and finally 3 when reducing .
Webbs, The proposed gvnt digital stablecoin?
There was a britcoin crypto that is very little traded .de listed from most exchanges . Mk cap £55k
Personally mainly only interested in eth ,btc and a few others .eth seems good for 25 per cent trading .buy sub $1800 ,sell 2,200 upwards .
On a different topic, What does Everyone think about the Britcoin?
Yeah you are 100% Right seingred anything over 3% would need to be tr1 so definitely nominee holdings.
My understanding of aim rules are that any holding over 3 per cent has to be declared via tr1 and further single percentages ,so we should have rns for these holdings .concur star ,I believe they are nominee holdings . I think if these banks held directly then omi are very remiss to not be shouting it from the rooftops .
They can't be nominee holdings. As stated Lloyds does not have its own nominee accounts. Lloyds use Halifax for these purposes and would be recorded as Halifax investments. I can't speak for other banks.
Ok - sorry if I’ve misread. But I think the point is irrelevant.
Under discussion is whether the holdings disclosed for high street banks on the OMI website are nominee accounts (ie private investors) or those banks for their own books, as proposed by Coggy.
Do you think the holdings shown for Lloyds, HSBC and Barclays are nominee holdings (ie they don’t control the voting rights) or principal investments?
Hargreaves Lansdown PLC 36,837,011 19.55%
Newmont Mining Corporation 29,213,186 15.50%
Interactive Investor Trading 25,833,753 13.71%
Lloyds Banking Group 10,485,623 5.57%
HSBC Holdings PLC 9,721,362 5.16%
Barclays Bank 6,954,600 3.69%
I am 100% confident they are just nominee holdings for PI’s, for the reasons I have set out in my post linking the DTR sourcebook.
Star read my post again. I have not stated anywhere that I said it's a combination of customer and the bank being recorded as shareholders. I am saying it's not customer private investors being shown as the holders and more the bank itself due to Lloyds sharing it's nominee accounts with bank of Scotland and Halifax. Also consider that a bank such as Lloyds itself may have its own pension funds invested which may show on the shareholders list and be governed by different rules.
Sharetrader123, holdings that banks may have as principal - ie where they control the voting rights - aren’t aggregated with any holdings where they don’t control the voting rights (ie nominee accounts). See 5.1.4A https://www.handbook.fca.org.uk/handbook/DTR/5.pdf
So your assertion that the percentages might be a combination of customer AND bank principal accounts is incorrect.
Consider also that if the holdings shown were principal investments by the banks concerned, they would have had to file TR1s. As they are nominee holdings, there is no obligation to file TR1s. See 5.1.3(2) https://www.handbook.fca.org.uk/handbook/DTR/5.pdf
We haven’t seen TR1’s from these banks precisely because these are nominee holdings.
No star it's unlikely that the major investor banks are PI accounts. Lloyds for example does not have a direct sharedealing service and uses the Halifax which is a subsidiary of bank of Scotland. So the investors might also be Halifax, Bank of Scotland as well as Lloyds customers and not Lloyds private investors alone.
Will make the free float and share availability even tighter, it’s tight already so could be a really good chance to rerate
Ahh, cheers for that Star. Thought it highly unusual for the big boys to get into AIM juniors.
Thumbs up emoji.
That will be the end of the cheap stock Dr R. Let the sticky investors come forward holding for future potential.
Coggy - the holdings shown against the high street banks (Lloyds, Barclays, HSBC) will be ordinary private investors via their banks nominee accounts, not those banks taking positions as principal(s).
That really is boom time news. Hopefully they are in sticky hands cause this has alot of legs still to run.
Well spotted great news. So as Brad said Loryser are basically on fumes so RNS could well follow this coming week confirming they are out and no longer a drag on the sp.
Loryser no longer on the list, they are now under 3% so expect an RNS confirming them being fully out and confirmation of Uruguay completion any time soon.
Wonder what price the Banks got in at?
Apologies if mentioned already but I noticed the major shareholders list has been updated on the Orosur website. There's also fewer warrants.