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"institutions in the know get together and arbitrarily knock 10% off the market cap to suit their own devices ? Some posters here seem to think that the quaintly named "secondary share placing " is normal and acceptable I believe it is just a con ."
When you made that allegation, tricky, you appeared to be using the word "con" to describe price manipulation? Wouldn't you agree that there really are no "pros and cons" there? In fact, price manipulation is a type of fraud, wouldn't you say?
While using cash to cancel debt may prettify the balance sheet, it is hard to comprehend the rationale for it, given the notes have a relatively low coupon and short dates. If they needed new debt, for example, it would be more expensive, given rising rates. Presumably they have so much cash they don't see any need for new debt for the foreseeable future?
There appears to be an error in the RNS when it describes BAIN as being a subsidiary of AAF. It is actually the subsidiary of Bharti Airtel, and the holding company of AAF. The hierarchy of companies is Bharti Airtel > Bharti Airtel International (Netherlands) > Airtel Africa
Make you r mind up tricky, you are now using the word con for fraud again. Stick to one argument.
BlahBlah you concoct a fraud allegation then accuse me of dishonesty ! Squirm into a spasm over the many definitions of the word con . There is no ambiguity in "overnight mugging " but you cannot address that because it would cause you to answer the question posed in the title of the thread and the equity of the BB process. If you overcome your reluctance look at para 7 ( post 3rd June ) which states that the book builder is allowed to participate in the BB on their own account then ask yourself how investment bankers make such luxurious annual profits . Good luck to them. Just one of many possible chances for the privileged participants in the BB process to make a profit. You need to understand the difference between conjecture and accusation . Only the former is possible with the lack of disclosure in the BB process and no accusations of " fraud " have been made. I would hazard a guess though that if complete disclosure was made, the content would be within the rules but it would raise quite a few eyebrows.
Tricky, you haven't used the construction "pros & cons" though, you've specifically described a fraud, and you've repeatedly used "con" as a noun, i.e "it's a con". If you type "define con" into Google, you'll see the definition as "an instance of deceiving or tricking someone", with a synonym being "fraud". It's good that you have backed down from your earlier accusations, because there is nothing to support them, but pretending you were using the word "con" in a different sense is not being honest, is it, it's actually a bit of a ... con?
BlahBlah the fraud insinuation was yours . Perhaps you have not heard of the phrase " pros & cons ". Advantages & disadvantages . Well fraud here would be a very major disadvantage and it is not catered for in the word con. You do not comment on the main theme of my post that of equity , so presumably you consider it acceptable that individuals have pricing power over on the market trades .
Bharti Airtel have launched a virtual cinema in a virtual "metaverse", basically a kind of Indian Netflix with multiple "screens" in multiple languages. Expect them to offer something like this is Africa before long, and it looks like another big moneyspinner. https://gadgets360.com/cryptocurrency/news/airtel-metaverse-multiplex-partynite-3066291
So you are now rescinding your idea that the sellers buy the shares back at a lower price under a different name, in collusion with the bookbuilders Tricky? It's now just a quaint perception of laxness in regulation, not a "con" at all, and your fraud insinuations never happened?
Darlonil, short n sweet well done ,different method i use keep profits in free shares to collect future divs , just sold at 1.36p ish wonder what caused the dip?
Closed out at 133.17 - quick £132 and change in 15 mins
I whacked in a quick trade going long at 130.2 for £58 per point
For better or worse, added another 1000 at 128.365 as a limit order.
Looks like it's gone into auction.
Was about to ask the same - now 8%. DRC related ?
Anyone know the cause of the drop today? Over 6% hit
with the market not individuals away from it . BlahBlah in various posts I have made clear my concerns about the bookbuild process. Seems that you cannot grasp the reality here , so I will have yet another attempt .
The term fraud was proposed by you not by me . Institutional parties agree OFF the market to a share price acceptable to them all .Even with the apparent complete lack of scrutiny and disclosure it is obvious that within the process there is no scope for criminal deception fraud . The bookbuild is announced after hours and the price agreed by this cosy arrangement is imposed ON the market the next day with immediate impact on all shareholders and possible financial loss for some . I believe that the market price should be set by trades ON the market and that price fix should take should take precedence. The con is the fact that regulators allow institutions to perform what is in effect an overnight mugging .Not rocket science ,a simple concept to grasp . It is called equity.
ATB
"The mention of fraud is yours not mine yet another distortion and lie."
Really? On 30th May, for example, you said:
"Some posters here seem to think that the quaintly named "secondary share placing " is normal and acceptable I believe it is just a con ." Did you change your mind?
Actually Evanescent, the lock up from the last secondary placement applies to the seller (Singapore Telecom International Pte Ltd) not the bookbuilder (JP Morgan). The seller had a 3.9% holding remaining after that last sale (of 1.6%). The 90 day lock up started on settlement date, 29th March, so they are free to sell again on June 27th by my calculation. Other sellers are free to sell at any time, of course, so the date has limited significance beyond 3.9% being back in play.
More info on the Congo tax invoices: https://www.reuters.com/article/congo-telecoms/telecom-operators-in-congo-face-180-million-tax-hit-idUSL8N2XV3XM
Bad timing for AAF having just invested in more bandwidth in the country, but just turbulence in the grand scheme of things.
Hello All,
One thing to watch for
Yes dividend due in or around 23rd June so small dip would be expected.
Per the RNS of 24th March JP Morgan were locked out of dropping a lump of shares on the market for 90 days....this expires on June 22nd so they could (not guaranteed) drop a share placement on same day which if it happens will drop the price further....the good news is the price seems to recover quickly because this is a great share in a growing market with huge future potential....
Still it is worth anticipating events....
DYOR GLA
A decent number of out of hour trades included one for just under 1m shares.
Buy the dips!!
Thanks for info Barny . Lets hope the operators stick together ,
Ex div date is soon 23rd Jun (thu) 2.384p , must be that levy then what spooked the market cant find anything else , back in again to trade
Tricky I think the fall is due to the DCR government suddenly demanding a 180 million dollar levy on telecommunications operators . Fully rejected by operators but just shows how crazy the world they operate in .