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This is interesting from Acacia Res Corp's website;
"We also provide capital to the patent owner as an advance against future licensing revenue. Acacia bridges the gap between invention and application, facilitating efficiency and delivering monetary rewards to the patent owner."
Bella - Impossible to say without access to the share register. However the TR-1 should be issued on % not number of shares, so if they have been diluted through a 1% threshold (for UK entities that were over the 3%) then they shoud have notified the issuer, they've had more than enough time to do so as it should be done within days. As I've said not sure it really matters at the end of the day, Mr Market will always play silly games with the SP but he can't change the fundamentals.
Ghia - true, Polar is above declarable threshold though.
Gkb.. 'I'm not sure that information from Morningstar is up to date, the percentages do not stack up with the current number of shares (do the calcs) which makes me suspect they are somewhat out of date.'
The share holding is correct but the % is not because they haven't taken the new admitted placing share adjustments into account. I assume because there was no buyi g or selling of shares.
The Miton holding may well be just under the 3% threshold. Hence no TR1.
Flagged over on ADVFN, looks like the Morningstar numbers are correct:
During April, the largest new investment was made in Synairgen. This company is currently trialling the use of inhaled beta interferon to help those with long-term breathing difficulties to fight off virus infections such as the common cold. The good news is that they are now trialling this for COVID as well.
Major sellers cleared then?
Capital City - what timing ;-)
Good minds think alike.
From past experience 'morning star' (American site) have always updated news on majors early (before UK) example: digital barriers/ thruvison. I'm a big believer of the 1 code which I picked up Friday afternoon. Would not be surprised to see a or a few TR-1 RNS's Monday morning.
All imvho and past experience.
Good luck all
And there lies the issue, "good governance"... :-D
A TVR announcement would certainly not be out of the question, but as there have been recent TR1's from a large Institutional Investor its possible they didn't feel it necessary. Not an excuse, but not really a crime either when the total number of shares in circulation has not technically changed.
Given the present "new normal" and many office people working from home, I'm sure governance is not as timely as it normally would be, and I'd imagine the FCA would take this into mitigation if push came to shove. For a company as small as Synairgen, they would be relying on external compliance more than the likes of AZ, probably from FinnCap.
As I've mentioned recently, I would expect a few TR1's in the next few business days to Clear all of the recent notifiable movements up. It's possible that's what the '1 code' was about on Friday. Best guess RNS's Monday morning, provided the information on Morning Star is up to date, and from the horses mouth, so to speak...
I agree with your overall sentiment and certainly not a time to be rocking the boat, but you would have to be pretty reckless with your own investment to not try and look at what has been happening with these large delayed trades.
Anyway enough time on here for the weekend!
I'm not sure that information from Morningstar is up to date, the percentages do not stack up with the current number of shares (do the calcs) which makes me suspect they are somewhat out of date.
I'm also not convinced that Landsdown are still selling down in any number, they were releasing TR-1s fairly promptly previously, so I'm not convinced they would suddenly start playing games because of others, it would leave them too open to allegations of Market Abuse.
Shares are certainly changing hands, as evidenced by the chunky late trades. Not sure it makes much difference at all, it's all down to the clinical trial results anyway, who is holding which shares when the music stops is pretty irrelevant for me.
The Company issued total shares in issue with result of AGM the day before the conditional shares were issued. It’s up the individual investors / institutions to notify any change in threshold, the number of shares in issue have not changed since then.
That said, the amount of shares being dumped in to the market must have caught someone’s attention.
Shareholder obligations to comply with relevant aspects of the FCA’s Disclosure and Transparency Rules (“DTR”), which apply to UK companies on AIM (i.e. vote holder and issuer notification rules under DTR 5), fall within the remit of the FCA.
Nice to see Miton on the list if it’s correct, Gervais Williams is an excellent fund manager.
Thanks for that Capital and it’s great to get that info from someone with your background.
Would the Companies NOMAD or Broker not be aware of this in your opinion? Should the Company not be issuing a TVR to flush this issue out? Good governance is most important.
Great find Bella, and given this and the date of the Morningstar update, I would expect to see the recent share "adjustments" by large holders to be reported on Monday. (but I'm not holding my breath!)
If Acacia do end up with the majority of the Link Holding, I wouldn't necessarily see this as a bad thing. They are well financed and have backing which could provide any additional funding requirements which may or may not be needed in the years ahead.
If this is up to date, Landsdown is no longer shown as still holding.
On 11 May the last TR-1 reported a holding of 11.69m.
If you move the bar you can see the recent buy & Sell history for each Fund/II.
Polar Capital Biotech was new in with 5.7m on 30 April and Polar Capital LLP New in on 31 May with 5.7m but again if this is the case (assuming they are not duplicates) then how come they didn't report their buy in to SNG so TR-1's could be issued both on the Landsdown sell off and Polar Capital purchase(s) - the first threshold is 3% and that's only 4.48m!!!!!
Miton Truts also new in with 3.0m
Overall the total volumes are to the positive.
So if accurate the Landsdown shares were easily lapped up and reporting has been held off by all parties until all deals have been done (including the Link deal) to keep the price firmly down.
Now it will be interesting to see what, if anything!!!!, we get next week....
I've just taken a look at the page on Fidelity's website, it's provided by Morningstar and their 3rd party content and data providers who 'make no warranty to its accuracy.' (Standard covering text)
Normally data of this nature is auto populated into fund sheets automatically from reliable content providers, including the UK stock exchange, Financial Express, Reuters etc. I also note it is dated end of May 2020. It *is* possible this information is incorrect, but greatly depends on how it's gathered. If it's manually collated (unlikely) it's less reliable, if its automatically collected from the share register, then it's a good indicator of the actual holding. TR1's can be delayed or forgotten, however the moving of stocks across CREST is a record which can't be missed.
For full disclosure, I previously worked as a content and data monitoring analyst for a large UK wealth management company.
Where are the number of shares In the report ? The Market Cap (unlike on LSE) in the report is spot on 149M shares x 43p per share equals circa 65m.
Lot's of info don't add up in this report ...
Like the total number of shares in issue ..
Take with a pinch of salt ...
I think Milton and Polar holdings are duplicates given that they are the same amount of shares. However, Landsdowne and Leonard Litch are not in the top five shareholders.
The Link shares number is accurate and aligns with the major shareholders on the Synairgen website. The director participation numbers are also accurate. We know from the Times article that Polar participated in the placing.
So either this data is wrong or Lansdowne and Leonard Litch are below a notifiable threshold. This is not consistent with the info in the latest annual report.
I sincerely therefore hope, that the data on the fidelity website is wrong.
Sorry that me rephrase that last point, anyone notice two other people/parties missing from that list? The rest of the data (Link holdings, director participation in the placing) appears to be correct.
Take a look at Company profile and scroll down to the bottom. If that data is correct, then we should have had a TR-1 from Polar Capital LLP and the Polar Bio Fund.
Anyone notice someone else missing from that list ?