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Iglu, what you saying is only a possibility when an II is trying to buy a large position. For this the II use multiple Brokers and ask each to acquire a position below notification threshold and warehouse it with them. Then when all the Brokers have managed to get required position, II will instruct them to transfer that position which will trigger disclosure requirement.
However when II wants to sell a large position, it is difficult to do use the warehouse techniquie as now the II will have to ask multiple Brokers to short sell and lend their position for settlement. Once the intended position has been sold, they cancel the lend and sell it to Broker. Even though all this is technically possible, Broker will have to report to Exchange that they executed a transaction with II at a price different to market price. If regulators question about this and decide that it was done to avoid timely disclosure, they will come hard on both II and Broker.
SHP...Makes sense to me mate, all a tr1 is, is a buy or sell order above the % Minimum threshold. Some orders small, others very big. Obviously some take longer than others to execute. Just because you see one tr1 after another only means they been active trading...lol
Iglu what u r saying makes no sense.. even if the plan to sell 10m, when they reach the first threshold they will have to report that.. look at the previous Tr1 rns’s one after another, for a reason
Thanks Iglu
That is how I see it as well.
If lansdowne want to sell 1m shares then after the sell order is filled/executed then the threshold will have been reached and tr1 notification need to be made within the timeline. That might have taken 1 day to fill. However if they want a sell order of 10m shares to be filled it will take much longer. Again once it’s filled and completed a tr1 needs submitting. On a low liquid stick can take weeks/months
The date on which threshold is crossed or reached should be the date on which the acquisition or disposal took place or the other reason triggered the notification obligation. For passive crossings, the date when the corporate event took effect.
Iglu they allow up to 4 days to notify the market since the first threshold crossing.. so unless they manage to offload 10% if their holding in 4 days, the next/if announcement will still be most likely like preciously reported around 1-1.5%.. they are no exception to the rule and thats why i am saying that no tr1 means II not selling.. have to follow the facts and the info thats given to us
Iglu,
Are you suggesting that Lansdowne are not complying to the FCA regulations ?
They can notify any amount, not every 1%...because no holdings news for a long while I’m expecting the next tr1 to be a big one. Maybe completely out
The UK regulator the Financial Conduct Authority (the ‘FCA’) requires that any person, must report to the relevant UK issuer2 and the FCA the percentage of the issuer’s voting rights that it holds as shareholder or that it held or was deemed to hold through its direct or indirect holding of financial instruments, if the percentage of those voting rights reaches, exceeds or falls below 3 percent, 4 percent, 5 percent, 6 percent, 7 percent, 8 percent, 9 percent, and 10 percent and each 1 percent threshold thereafter up to 100 percent
Agree ShareSting. I was doing the calculations last night going through the previous TR1’s. It’s been approximately 16 business days since the last holdings release. I guessed 5% and will will get a TR1 at anytime now to confirm. Maybe they will keep those for the potentially big prize up for grabs. Only they know that though...however I would.
ShareSting - I stopped counting although after a lull the rate seems to have increased.
If they are aiming for a complete sell down do they have to notify at every % or can they inform when they finish the block?
Morning all,
On my calculations Lansdowne would have roughly 7m shares left to clear if they are in fact still selling. Ghia I would be interested to know where you think they are.
We could see a TR1 confirming they are under 3% soon !