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Legal and General reduced their position by ~10% and dumped ~200,000 shares at £11.6. Still hold around 1.8m shares. Possibly one reason why the price has dropped a bit today
One more 8.3 disclosure, Terry Walby (Thoughtonomy CEO) holds 1.4% of the shares
@jamster, thank you for outlining everything from the 8.3 forms! Very helpful.
I think everyone needs to calm down about TPG disclosing that it doesn't own shares. Reasons.....
1) TPG could be doing this to get this exact reaction where the share price drops giving them more leverage to offer a lower bid and scoop up the company for cheap. It strengthens their position, and might not be a reflection of their interest in acquiring the company.
2) We don't know how many other competing bidders we will have. It's not TPG or bust.
3) The company is still DIRT CHEAP at this level. If it is acquired, it will be for a much higher price.......but even if it's not, investors are protected on the downside due to it's inexpensiveness. Sure it might drop a bit lower if no deal goes through, but nobody holding here should have to worry about making money on the stock over the long-run if they have to.
4) The short-term upside is still in place. An article yesterday stated that a range of 7.5x-10x sales would be an appropriate range for a buyout price. That translates to a midpoint of 1,535 GBP or 21.34 USD. Anybody who is selling now could be missing out on 35%-40%, and will be kicking themselves in just two short weeks for not waiting it out.
5) The long-term upside is also still in place. If a buyout falls through, investors might actually be better off since the company is likely to go 300%-500% (by my estimation) over the next few years. And if weak hands panic and the share price goes lower temporarily, it's another opportunity to scoop up more shares on the fear of the crowd.
Breathe in. Breathe out. It's all going to be ok everybody.
Pretty wild 80% is high. I think the FTSE100 average is around 60% and it's lower for FTSE250/ AIM companies. I'm sure there are a few 8.3 forms pending. Also, don't forget the threshold is 1% for reporting. How much of the remaining 20% are smaller funds, ETFs and investment managers holding? Retail investors probably hold less than 10% of shares, that means the big boys control the share price
Which is normal 80%
(forgot to add that bit)
So all good.
Jamstar just read that - When a stock has high institutional ownership, it is usually a good sign. If the institutions -- which include large investment banks, mutual funds and pension funds -- are the smart money in the market, having them invest in the company indicates the company is doing well.
So I have gone and checked all the 8.3 forms. Almost 80% of the total float has been declared now as owned by institutional investors/ insiders.
Jupiter Fund Management plc 6.16%
HMI Capital Fund GP, LLC 6.35%
Jason Kingdon 6.01%
Ameriprise Financial, Inc. 5.11%
Abrams Bison Investments 4.85%
Invesco Ltd. 3.15%
Alastair Bathgate 4.75%
FMR LLC 3.40%
Sanne Fiduciary Services 3.11%
Blackrock 1.73%
Tickvah Management 1.20%
Barclays -0.01% (net neutral)
Archer Oak 1.14%
Legal & General 1.94%
abrdn 1.44%
Sumitomo 1.70%
Vident 2.05%
Tensile Capital 1.13%
Archon Capital 1.19%
Polygon 2.06%
Natixis 0%
Lead Edge Capital 4.29%
David Moss 2.11%
Melqart Asset Management 2.59%
Credit Suisse 3.71%
North Lattitute 0% (sold out large stake)
BoA 0% (sold out large stake)
Threadneedle 5.11%
Lazard 1.87%
Natixis (sold out was net neutral short and long)
Coast Capital - no form 8 (possibly 3%)