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UK Financial Conduct Authority Imposes First Market Manipulation Penalty Under Market Abuse Regulation 14 January 2021 THE FCA’S INCREASING FOCUS ON MARKET ABUSE Combating market abuse has been a priority for the FCA for some time now and it has invested heavily in market surveillance tools. As at 31 March 2020, the FCA had 146 open market abuse investigations (representing over 20% of its total enforcement workload and the largest category of cases), 50 of which were opened in the previous year. However, it has historically struggled to bring successful enforcement actions on a regular basis. This decision may mark a significant turning point for the FCA and be a warning to others.
Croc, selling shares which have not been officially approved has been a practice on AIM for a number of years. It is a type of share shorting, with the short being closed when the new shares are officially issued.
As DB has said the placing may not happen, I assume this forward selling has not taken place, although there were a lot of 50k trades on Friday.
How exactly can placing shares be 'forward sold' when it is not possible to place a trade you do not own (i.e. officially available at the custodian), let alone shares that have not, and may not even be issued?
Any II, or anyone else cannot submit a trade for execution if shares are not available on their account, exactly like a PI can't raise a trade for shares they do not own. Another BB myth
It would be exciting if the placing was cancelled but I just cannot see good ol Dave wanting the hassle at his age. No disrespect intended. But the older you get the less grief you want in life. I do relish trying to second guess what shenanigans these AIM companies are going to try and pull next, keeps the old grey matter nimble. Human nature never ceases to amaze me. Its enjoyable as long as you are not risking the farm on the outcome as most of these AIM oilies end up like UKOG. I think a few on here are risking what they cannot afford to lose. My guess is the placing will go ahead @ 20p with a drift down to 18p a few weeks after the dirty deed is done. This is now my favourite board to stalk, better than watching Emerdale :) See you all @ 7.00am for an RNS!?# :) Gla
Mymine, I'm sure Winnifreth has covered himself so he can't be sued. He and his like always pronounce these leaks as though they are the shareholder's best buddy. Far from it, it screws shareholders every time. I understand DB knew who was responsible for the first leak. He should have pursued it with the FCA as the guilty party had signed a contract saying he wouldn't divulge price sensitive information. I believe DB thought it was up to other shareholders to follow it up. What a mistake. Nipping it in the bud then may have made people think twice the last 2 times it's happened. Hopefully there'll be at least 2 RNSs from the company tomorrow. One saying the placing is NOT happening. The other an update on Wressle production. Get this SP back to where it should be.
Taverham is correct ! im sure he is just positing it again for all who missed it the 1st time? :-/
Anyhow this *placing leak* is not David's fault BUT it is down to him to rectify the problem AND probably abandon the placing and the marvelous opportunity he had lined up thanks to it. a placing leak for the 3rd time in a row can not be swept under the carpet again? *BUT* I do not understand the in's and out's of a placing but surely something can be done? was it Tom Winerfred or what ever his name is who told everyone this time around? legal action against him? for writing/telling inside information
Heid, the gas storage problem has been exacerbated by Ofgem failing to sanction the funds to Centrica for necessary safety work at the Rough field. As a consequence 70% of UK storage has been decommissioned to save consumers money or rather to invest it in useless projects like Smart [ironically named] meters that hinder switching suppliers and will be useless if/when we switch to hydrogen/blended. We have Lng storage at Isle of Grain and South Hook but are dependent on the international market. Back in the day , British gas were required to provide seasonal storage and if we had that today tha price would not be fluctuating so much and consumers would be more secure. One cold winter or a frosty Putin will result in a rethink and prioity given to issues that really matter in the near term. https://en.wikipedia.org/wiki/Rough_(facility)
My clever friend an me were discussing gas shortages.
There is very low gas storage in Europe. You know this week, last year, we had 1044 Twh of storage, now we have 781 Twh. Equiv. of 5% Eu/UK gas consumption. Russian Nordstream 2 'may' come online end of year. It's too late to revert supply crunch this winter though.
Russia is one big gas user and its exports to Europe are going to its own supplies. 100 % of its European exports would need to come to us till November to sort this.
There are no new projects coming online for gas. Failure to invest in to gas is a major problem.