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.
Should accepted that offer. Now Jupiter is heading out, the share price will collapse in the hands of any hidden not needing disclosing hands.
It seem that they will sell 4.9% left round 60 millions shares before it rise again. Then price not go down more as it lost over 80% over high. Will they finished next week or so.
I m struggling to think which II would have rejected the king street over:
Guessing not SoftBank (as they don’t want to partner further)
Guessing not Jupiter as they are selling for a quid less per share
Guessing not t Rowe as they were selling even when the offer was still on the table
It’s A bit stinky
Totally agree @Rodney
dpw, spot on, same rules apply to OEIC's and overseas investors.
2phevs, Yep, Chrysalis also invests in the Jupiter fund/s linked to recent selling. How this structure (cross investing) works in practice is not immediately clear but they too appear to be selling down.
https://www.investegate.co.uk/chrysalis-invs-ltd--chry-/rns/holding-s--in-company/202207221049464632T/
On the upside it could be Jupiter have now sold enough unlisted and listed stock to have headroom to play with, from the article it looks as though the lead manager felt uncomfortable with so many unlisted and possibly unsalable assets within the portfolio, being compared with the now collapsed Woodford fund didn't help matters.
The important thing for me and perhaps other investors is this is not directly related to the company or its performance.
yes.DWPS.i think that is correct.it's not most clearly drafted piece of regulation,but thats how i read it also.
So “Jupiter UK Mid Cap Fund” (p.k.a. “Merian UK Mid Cap Fund”) is a sub-fund of “Jupiter Investment Management Series I” which, in the “Authorised Status” section of its Directors Report, states that it is a UCITS.
DTR 5.1.5 (1)(b)(iii) exempts UCITS schemes from reporting obligations under DTR 5.1.2 (the usual 3%/4%/5%/etc.) “except at the thresholds of 5% and 10% and above” - it’s the “and above” bit I was missing previously (thanks 1pencil!)
My interpretation would therefore be that a UCITS such as Jupiter would only need to report changes at the following thresholds:
- 5%
- 10%
- 11%/12%/13%/14%/15%/etc.
The REVB 11.5% RNS makes sense now.
Likewise the THG RNS also does not indicate that Jupiter have stopped selling, only that the relevant 5% threshold has been crossed & correctly reported via RNS. Could therefore be some selling pressure for a while yet, but at least we have a slightly better understanding of who and why (distressed Jupiter fund).
Onsolidground... Can you kindly respond to my last post following your unfounded allegations.
Thanks
dpw, it becomes discretionary after certain levels, can't remember exact rules though.
Can anyone find the Jupiter holding from when there was a takeover? The RNS today shows the merian funds as having sold all their stock?
Hmm hypothesis re: DTR 5.1.5 (5%/10%/etc.) doesn’t make sense when looking at how Jupiter RNS’d on REVB however. There was an RNS when Jupiter dipped below 15% (OK…) but then another RNS when Jupiter reached 11.5% (not OK!)
Stumped.
I think you are right stevescott. It looks like BNP Paribas, Northern Trust and Citigroup's holdings in the fund have been sold at their request.
Put liquidity into the market with buyers emerging and a red day turning blue.
agree with that dpws,but i certainly don't have any specialist knowledge,so just my opinion
Possible they were captured by DTR 5.1.5 => only have to report at 5%/10%/etc. (in which case sell down may very well be ongoing)
Anyone with more knowledge care to comment?
Given they’ve gone through the 8%, 7%, 6% and finally 5% thresholds before reporting, what has triggered them to RNS at this stage ? Assume the could have carried on to sub 4% level without declaring if they so wished. Have they paused for now ?
Was it not paribas , citi etc that sold the shares (accordingly to the RNS)? They just had them in the Jupiter fund?
No - this particular Jupiter fund is distressed, there are well documented reasons for it selling down on various positions.
Question is......will anymore be joining them?
How long do you think they have been selling for?
At least we know the reason for the drop. Once this backlog clears, we should regain ground imo. I'm much happier now with this out in the open. Atb