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jhonas, agree with your thinking completely, as usual investors kept in the dark or opaque as CompassWars says.
Seems you are correct with that one - they dropped from Prudential having 9.93% to M&G having 6.45%.
However not sure they have sold any since. They have dropped below the 5% threshold but taking into account the extra 2,666,666,666? shares in issue - unless they participated in the fund raise they would naturally fall below the 5% mark.
6.45% of 4,063,963,810 = 262,125,665.745 - the amount of shares they had.
Versus
5% of 6,730,630,476 = 336,531,523.8 - the amount of shares they can hold up to while falling below the 5% threshold.
So they could have even participated in the fund raise for an extra 74,405,858 shares (£6,696,527)and still be diluted.
Unless I haven't drank enough coffee today I don't believe yesterdays TR-1 tells us anything.
jhonas, not true the new shares had not been issued then.
That was no mystery that was due to the share dilution.
Jack, that was a mystery in itself on the 22 Oct Prudential owned 9.93% then M&G report the next minute they hold 6.45%, then nothing until yesterday very odd imo.
In the M&G Global Recovery Fund July interim report its states a holding of 397,102,412 shares. There has been a change of fund manager/s since that report as well as the demerger from Pru. Perhaps the new managers hold a less favourable view of Reabold than the former manager or Reabold no longer meet the funds recovery strategy. Not sure. Either way they could have been more helpful by providing details of any remaining holding rather than being so opaque.
Hopefully we will be given details of who participated in the recent fund raise shortly and a full revised shareholder structure will be provided.
Scriven
it's good that you are interested in M&G.......I'm not a fan personally.
Technically you are right that M&G could theoretically hold 4.999999% of 6,730,630,476 = 336M. You will therefore have to agree that they have SOLD at least 67.6M since the 09th Aug, when they held 9.93% of 4,063,963,810 = 403.6M
That is a fact.
However, my post below clearly shows the M&G Group had 262.5M when they listed on 21st Oct and Prudential Group had 0%. Against the backdrop of SELLING 140M to that point, the idea of also being taken inside to participate in the raise, (From say early Sept onwards) is in my mind remote.
For those reasons, I'm sticking atb <3.8%. Theoretically of course, they could just hold 1 share !!!
Jack
From my understanding they tell you in the RNS they've sold some..
The "An acquisition or disposal of voting rights" box is ticked. If this holdings RNS related to percentage changes due to the placing the "An event changing the breakdown of voting rights" box would have been ticked instead.
I don,t think that rns tells us anything for sure except they hold less than 5% which I assume is the notifiable threshold for instis. The new shares have that effect without any selling so who knows, not us ?
M&G had a lack lustre start, at the lower end of expectations, when they joined the main market on 21st Oct.
As far as RBD are concerned, all the evidence shows they have been selling since 09 Aug:
On the website as at 09 Aug 19 = 9.93% = 403.6M.
https://reabold.com/investor-relations/share-information/
We can see the web of companies from M&G Investment Management Ltd to Prudential PLC in the RNS of 12 Jul
https://www.lse.co.uk/rns/RBD/reabold-resources-holdings-in-company-135kdled8qencwe.html
Prudential are completely out RNS of 22 Oct = 0%
https://www.lse.co.uk/rns/RBD/notification-of-major-holdings-g1wx87yr4xsrb38.html
And the M&G total group declaration RNS of same day = 6.45% = 262.5M
https://www.lse.co.uk/rns/RBD/notification-of-major-holdings-cciaxpfcevf4jig.html
There is no doubt in my mine that they have skied down from 403.6M to 262.5M
It would be unlikely to sell 140M in the weeks before a major raise and then suggest M&G then participated
Jack
The bottom of the M&G RNS states they no longer hold a notifiable interest.