The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen 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.
In one company I invested in, a share holder owning > 5% of the company, wanted to be represented on the board, and did this by using his shareholding to call a General Meeting under section 303 of the Companies Act 2006.
His proposal included board member deletions and additions, and as it happens he succeeded.
I'm not saying this is the reason for acquiring >5% holding, but that is one way to use such a holding.
https://www.legislation.gov.uk/ukpga/2006/46/section/303
Shorting - anything is possible but they must have spent around 17.5m for their current position.
FS companies normally hedge themselves out of positions the last thing they normally do is buy shares unless they have a good reason to (2m on since Activ-2 and SNG still in which is a great sign)!
Could it be possible citadel have been shorting us without disclosing and now needed to buy back to close the short?
Only time will tell where Polygon's entry leads the SP Doc. It depends on their strategy me thinks.
Citadel were holding 0.51% as of reporting date 14th Jan. Price from 1st Jan fell from 162p to 140p to rise to 160p as of 14/1.
In 3 trading days they covered 0.12% with price going upto 190p area from 160p. After that they were not tracked and perhaps closed.
If they were going short in December with new position reaching threshold of 0.51% they went short from 95p to 160p. What gains could they have made then ?????
Unless they were short in October at 220p level and kept it below reporting threshold and covered some with vaccine drop at 80 to 90p level and then went short again. Does not make sense going short after the vaccine drop.
To put it simply Citadel made a wrong call going short and covered very fast.
No worries Jimmy. There are just too many Griffith about, hard to keep track of them all.
Ah sorry Fruit. I didn't see your follow up comment clarifying your initial comment.
Correct; Reade Griffith set up the European operation for Citadel.
I know. The founder of the European office of Citadel Investment group is still Reade Griffith, although he now works for Polygon. That's what I said below.
The founder of Citadel is Ken Griffin not Reade Griffith.
Agree with you ggggg that there's been a strong whiff of something in the air for a few months now, it has not gone unnoticed. I'm asking why Poygon, and why now? Here's what I've gleaned about the event-driven Polygon:
According to Dr. Google..."An event-driven investment manager is typically looking to invest in situations where there is some form of corporate activity or catalytic change taking place. Corporate activity can include mergers and takeovers, restructuring, reorganisations, spin-offs, asset sales, liquidations, bankruptcy and many others."
It's like a game of bloomin' Cluedo!
It is a little web, i have been going through companies house looking at all the registered directors like tracey parish who has been at BNP paribas for last 18 years and very senior in uk. Not saying insider trading going on but this web of citadel short, price dropped to 140, then mass orders then all this....they clearly wanted in asap and at a price and have been playing a game here for a while. What they know maybe the same as us but generally someone who has been in the city for that long and decided with the group to take 5% which is not small change feel very confident about something they may or may not have heard.
Just like Polar when they took more prior to xmas etc.
Aurora as Nominee is holding the shares as custodian for Polygon. They have no beneficial interest in the shares; ownership resides with Polygon
Anyone funding a hedge fund will require shares to be held by a nominee/custodian. The only significant hedge fund in recent times who did not was Bernie Madoff.......which was why many banks wouldn’t touch him.
so Polygoin and BNP not linked in any way?
No. BNP Paribas is the marjority shareholder of Aurora Nominees Ltd who in turn owns 5% shares in Synairgen.
is Aurora Nominee Ltd a 2nd investor then?
You need to dig into Aurora Nominee Ltd.....BNP Paribas
Fantastic RNS, moreso given that we do not know what their holding was below 5%.
Some of the reasons given on the Polygon website for investing in companies, certainly resonate with why they would be interested in Synairgen, see below.
"Polygon co-founder Reade Griffith has been a major European Event Driven Equities and M&A investor since the mid-1990s. The strategy is founded on a diversified, catalyst-driven portfolio that exhibits a low correlation to European equity markets. A thoughtful, size-constrained approach allows a focus on more attractive and less-followed opportunities while remaining nimble. These include:
Corporate Restructuring: participation in recapitalisations and balance sheet deleveraging via equity issues
M&A: favouring hostile, cross-border or otherwise complex transactions more likely to be misunderstood by the market
Dislocation: medium-duration, high-conviction trades with significant upside potential
Special Situations: “piggybacking” on corporate activism and/or pre-deal opportunities
This strategy is led by CIO Reade Griffith and Nicolas Dautigny."
Is that green box a yay this is fantastic or
Nay it’s a negative
Perhaps someone could translate green boxes for me
Like all the other times I explained the fine details of how the hedge funds operate? Lol. You are the ones who are (pretending to be) experts in this, you explain it.
Where’s Scinv to explain in fine detail what this means?
Depends on motive. Lets see.
A big player and which should provide greater confidence in this fantastic company. I feel we are now getting very close to showing some cards and hopefully start showing the world our massive potential. Good luck to one and all, fingers and toes crossed
Should have finished that, I meant European office of Citadel Investment group.
Citadel Advisors LLC were holding a short position of 0.51% on 14 Jan 2021. Interesting development..