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The figures would indicate that Amati ditched around 4million, and Landsdown took 60 million of the 400 million on offer to IIs. Ruffer took 88 million and the directors 2 million. That leaves a lot of those shares (around 250 million) unattributed. 3% represents around 31 million so any buyer buying less than that would not show up on the AIM 26 list. DAK if it is possible to find out who else bought in?
Amati states on their website that they took some profits on VLS.
Velocys have updated further the AIM 26 facts sheet:
If I’ve done my sums correctly the old share total was 643,756,100 and the increase was 419,999,957. This represents a %age increase of 65.24%.
The following shows the old and new holding as %age and an indication of the total holding now
Ervington 21.4%, 12.9%` unchanged holding
Landsdown 21.2%, 18.5% Holding increased by 60 million
Hargreaves Landsdown 11.5%, 6.9% unchanged holding
Amati 10.4%, 5.9% possible decrease in holding of 4 million
New: Ruffer 8.3% =88 million
Old: Interactive Investor 4.5% which now equates to 2.7% so they may still have the same size holding but obviously did not participate in the offer.
Adding to the confusion, the AIM 26 statement on the Velocys web site now reads:
Shareholders owning more than 3% of the Company at 31 May 2020 were as follows:
Lansdowne Partners (18.5%)
Ervington Investments Limited (12.9%)
Ruffer LLP (8.3%)
Hargreaves Lansdown PLC (6.9%)
Amati AIM VCT plc (5.9%)
It previously read:
Shareholders owning more than 3% of the Company at 31 May 2020 were as follows:
Ervington Investments Limited (21.4%)
Lansdowne Partners (21.2%)
Hargreaves Lansdown PLC (11.5%)
Amati AIM VCT plc (10.4%)
Interactive Investor (4.5%)
(Total 68.6%)
This comment is unchanged:
As at 16 July 2020 there were in issue 1,063,756,057 shares of Velocys plc, none of which is held in treasury.
At the time of the last analysis of our share register on 16 July 2020, approximately 31.9% of our shares were classed as being not in public hands since these are held either by shareholders who own more than 10% of the Company or by Company directors.
The latest amendment suggests that 52.5% of shares are owned by IIs holding >3%. These figures do not accord with the statement that 31.9% are not in public hands as the >3% holding has fallen from 68.6% to 52.5%. Once again it would appear that the company has failed to properly update its web site.
Agreed, I think the >3% list should be pretty illuminating. Surely several more TR-1s due today?
Thanks for the very full reply. I assume that when the company updates the list of shareholders >3% matters will become a little clearer. Regarding RA, and in the light of yesterdays news regarding Russian attempts to hack COVID 19 vaccine data, could it be that the Russian state has an interest in the VLS technology which would explain his long term investment. After all the Russian economy is heavily reliant on oil for its income.
Sorry, misunderstood your point there, I thought you were saying that is the current table.
With the greatest respect, I'm struggling to see what your point is. You've pasted a table that was correct as at 31 May and for which we know two of the holdings are definitely wrong (Amati and Ervington haven't bought any shares).
If your point is actually that the 31.4% not held in public hands as at 31 May is now 31.9% and that is therefore reassuring, then I again struggle to see what that says. The company only includes holdings > 10% and directors. Amati are no longer included at all (below 10%) and Ervington/Norma are down almost 9%, which together reduces the total by 19%. Clearly those shares have been bought by someone, but we don't yet know by whom.
Either existing holders have increased their holdings (either to take them above 10% so that they're included for the first time or to further increase their % above 10%) or we have - at most - one new investor that has come straight in above 10%. Again, that's not surprising, we knew the shares had been bought by someone.
If anything the interesting things here are:
1) Ervington haven't topped up again. If it's such a sure investment then why not fill their boots? For me this is a bit of a nothing though, I always thought people were overselling the Abramovich connection - like he's some kind of Midas. The man has very little (no?) reputation for investing legitimately and I'm not even sure to what extent he has any direct involvement in these investment vehicles. I have always assumed they are a glorified family office and he has almost no knowledge of what they actually do on his behalf.
2) We've just placed £20m = 400m shares = almost 40% of the enlarged share capital of the company with institutions and the total "not held in public hands" has barely moved. As mentioned above, there can be maximum one new investor with more than 10% of the capital. Who are all these new investors and why has only one of them committed to >10%?
On its own, that 31.4/31.9% number is meaningless, because we know the true number held by institutional investors is now far higher thanks to 400m new institutional shares. Using a 10% cut-off removes any ability for those numbers to tell a meaningful story.
I just can't see it's worth speculating on such patchy info.
I have to say that there are some very interesting and thought provoking quotes written by many knowledgeable people on this chat board. I read the Capita chat too (which I also own) and that is dominating by people infighting so I find this board very refreshing - long may it continue.
You are almost right and yet you missed the point I was making. The total holdings quoted for the IIs on 31 May was 68.6% ( and did not included the admittedly almost insignificant BoD holdings). Today's update, which includes the BoD holdings, is, according to VLS, 68.1% , which implies that the IIs holding as a percentage has reduced slightly (around 6 million shares by my maths). I reproduced the text from the VLS web site - only the percentage figure in brackets was added. I believe that my comment was valid.
Sorry, but this is wrong. They've updated the total number of shares on the website as of today, but not the holders of those shares.
"Shareholders owning more than 3% of the Company at 31 May 2020 were as follows:
Ervington Investments Limited (21.4%)
Lansdowne Partners (21.2%)
Hargreaves Lansdown PLC (11.5%)
Amati AIM VCT plc (10.4%)
Interactive Investor (4.5%)"
https://www.velocys.com/investors/aim-rule-26-factsheet/#nav
Velocys have today updated their AIM 26 statement on their web site. Points of interest:
Shareholders owning more than 3% of the Company at 31 May 2020 were as follows:
Ervington Investments Limited (21.4%)
Lansdowne Partners (21.2%)
Hargreaves Lansdown PLC (11.5%)
Amati AIM VCT plc (10.4%)
Interactive Investor (4.5%)
(Total 68.6%)
As at 16 July 2020 there were in issue 1,063,756,057 shares of Velocys plc, none of which is held in treasury.
At the time of the last analysis of our share register on 16 July 2020, approximately 31.9% of our shares were classed as being not in public hands since these are held either by shareholders who own more than 10% of the Company or by Company directors.
Effectively what this shows that the situation post the fund raise remains pretty well unchanged which implies that all the IIs have averaged down the value of their holdings and remain in place. The IIs are obviously better informed than us poor PIs as to VLS's intentions and seem happy to remain "on board". Question is what do they know that we don't?