The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Let’s remember that the SP may have gone down but the value of the company today has actually increased by some 2.3% due to some 90 m shares added today. It’s the market cap that values the company not the SP. So the market has added some £5m to the market cap despite receiving $54m.
With a three month daily average volume of approximately 2m shares and assuming the buys and sells are roughly equal, VR Global Partners would have had to "hoover up" approximately 35% of all shares sold! More likely there have been transfers between II's or perhaps some of the 'consideration shares' have ended up with VR Global Partners with Savannah's consent?
No doubt we will find out when the Major Shareholders web page is updated.
Basically it’s often the case that they don’t complete the TR1 form correctly. The 4.19% should have been in the previous holding field as it was more than 3% declarable.
When the placing shares are listed we may get some other TR1’s if the placing changes existing holdings by a %. I haven’t gone through the major holdings to work out as it matters to me not. But if the do then the ‘x’ will be in the field titled ‘An event changing the breakdown of voting rights’.
Sorry for those that already know this but you may (probably not!) be amazed at how many TR1s are not completed correctly.
Trek
If they are hovering them up who can blame them I am topping up tomorrow need to move some money tonight
Pretty certain that what has happened is Market Makers deliberately reducing the SP to hunt stop losses. A lot of the sells have been automatic trades and it makes sense for MMs to build up their stock if they assume a rise is imminent - they pick up stop losses on the cheap and later sell them on at a higher SP
The 4.19% was based on 879’769’427 shares in issue so they had 36’840’180. Now at today’s date there are 970’435’735 shares in issue so now they have 61’913’799 shares so they have increased by around 25million shares. Also interesting is that the RNS states it replaces a previous notification with the wrong percentage but I don’t see that anywhere?
While the STH’s sell the II’s are hoovering them up.
VR Global Partners show on Savannah's website as holding 4.19% of the company. Today's RNS shows that's increased to 6.38% so why the SP weakness?