We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Brilliant Rich - will keep that in mind - great safety net.
johnht - The top was higher than that. I sold some at 49/50p (and have since bought them back). Was a natural point for traders to jump out. It was only brief though. I think the Acacia selling kicked in around 46/47p on the way back down from memory (not certain).
That goes to the Treasury - and spent on specific "charitable" areas.
johnht, that is an eye opener, some huge names there and some huge fines. Any idea where that money ends up. Does it go to the treasury ?
Eva I think we agree in principle most of it, that the application of the rules is lax and you're completely right; Link sale to Acacia same day followed by sales announced weeks later rather than days. However my view, was and for now still is, that threshold crossing is 3% plus holdings followed by 1% incremental thresholds - pretty similar to what Mattw said.
oil - there is no disagreement with your statement re: block selling, my view is that the sale has gone down quite dramatically to 1,000,000 shares - approx. £350k. With trial results coming very soon and such a low final sale, it's suggesting, to me anyway, that this may be it for now by Acacia - and I'm expecting a price rise.
RichTheNewbie - you've made a great point re: the way the price rose last time, and I'm hoping to use that as a marker - the last roof was 46p.
Let's see folks.
They have sold in 4 blocks so far in a round number of shares and have issued a TR1 after each sale has been concluded. Blocks of
2,575,000
4,500,000
3,000.000
1,000.000
All they are doing is instructing their broker to sell x amount of shares. How are they going to know that a threashold has been crossed while their broker is in the middle of completing the sale, there not are they? Once they are notified that the transaction has completed they are informing the market. Nothing dodgy about it. Ok maybe they were late once and deserve a wrist slap for that.
In terms of infringements, the fca certainly takes action if they are flagged. For 2019 the fca lists them here:
https://www.fca.org.uk/news/news-stories/2019-fines
Some big players and fines amounting in total to £392,303,087
Section 5.1.2:
"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%"
I doubt that they will be able to get rid of their shares now before the results are out. Its took them 10 days to sell 1 million. I agree any artificial rise will be sold into surpressing the SP untill reults are out. 35p now untill the RNS lands imo
I've been going by the significant shareholder disclosure obligations of rule 17 for AIM and rule 5 of the Disclosure Guidance and Transparency Rules. This was something I was pointed to by legals.
I might have the wrong sources, but these two were the ones:
Page 37 of
https://docs.londonstockexchange.com/sites/default/files/documents/aim-36-company-rules-markup.pdf
and
https://www.handbook.fca.org.uk/handbook/DTR/5/1.html
This was pretty consistent with what mattw007.
Any thoughts folks?
The absolute irony is Acacia are just doing what Link Fund should have done as administrators of the Woodford fund wind up.
Which is sell the shares into the market carefully without tanking the price. They’ve put pressure on the price but always let it rise back. Apart from holding you couldn’t ask for much more.
It just comes down to results now. Acacia will be blown away if they are good, if indeed they decide to continue selling. We’ve had news days here where volume has been 15m plus. Results day should top that one way or another. Acacia have around 10 million shares left. Hopefully we get the results we need and Acacia are history. You can guess about who’s buying and selling all you like but unless you get a TR1 you are wasting your time.
Afraid I disagree tho Eva ;)
I don’t think Acacia are selling now. Their MO is to offload into volume and generally after the price has risen a lot. They appear to have stopped selling at about 35p each time.
At the moment I think it’s just PI buying and PI selling.
Last time the turnaround took between a few days and a week before rises started to be sustained more with no Acacia selling.
We’re already a few days in and the trading is encouraging but no liftoff just yet. All about sentiment now and that just takes time generally as the realisation sets in there’s no selling pressure down here (other than a few PIs).
They have sold in 4 blocks so far
2.575m
4.5m
3.0m
1.0m
We should be asking ourselves two questions imv
1) Who is buying the blocks from Acacia ?
2) As it's not Acacia that is selling really, who is ?
Miggy,
No matter what people say, Acacia seem to be selling only when they have someone ready to buy in chunks of 1million shares or multiples of that
In the last month they have only done two sales imo
One for 2 million and one for 1 million
Dave.....I agree
That is why I think they should suspend share prior to results. SP has just become a play thing......
yes, there are rules and suspension happens all the time for breaking them!
John ht.....its been mentioned on this board in the past that AIM market has more flexible rules than FTSE
So would the Acacia reduction in shareholding account for the 1million share sale the other day.?
They sold a 3 million chunk before I seem to remember.
They have sold exactly 1 million shares since the last notification. Maybe they are instucting the broker to sell in blocks of 1 million from now on and we will be notified after each block regardless of the percentage threashold crossed. We shall see.
For the 12.56% down to 9.5%, I was also under the impression that this would require a single notification as it went through under one transaction.
Eva and oil, it would be good to get this clarified. I've been under the impression that notification was required when voting rights if they reach, exceed or fall below 3% holding and each 1% above 3% up to 100%. I could be wrong - it would be good to get yours and others understanding.
yes but if you hold 2% of the company and you instructed you broker to sell the lot and inform you when its done then how are you meant to know when he has sold 1%? You wont.
All they are doing is selling in blocks and then notifying the market after each block by the looks of it.
Look at the holdings RNS on the 3rd. 12.56 down to 9.5%. If they had to notify after crossing every % that alone should have generated 3 seperate RNS's.
I believe that is the case Mattw. However, I still think it is such a small change - I believe they're done.