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I can't claim to understand the FCA regulations but MS are reporting these as 8.A voting rights, which would indicate they're holding the stock. If they'd loaned out the stock for shorting, then I assume they wouldn't hold any voting rights since the shares would have been sold as part of a short position.
https://www.handbook.fca.org.uk/handbook/DTR/5/?view=chapter
Fleccy - Well you got pretty close there tbf, rounding would have been where the count drifted out slightly...
Of their total positions are we in agreement MS are most likely loaning out 136,790 of them to shorters? (It looks that way to me).
I didn't read the full RNS, just looked at the percentage and calculated the number of shares based on total voting rights of 9,952,100,727.
Good point Fleccy and scrolling down further I spot it says: "Of the total voting rights attached to shares in Section 8A, 136,790 (0.001375%) of these are the result of stock borrowing agreements."
Looks as though MS bought some stock to their 8A position, 0.001375% (136,841 shares).
https://www.lse.co.uk/rns/BT.A/holdings-in-company-9ys1uequwl4e0zy.html
The compound options are around 7% of voting rights, whereas the swaps are a fraction of a %, so small beer. It looks like jockeying for profitable market positions as the price changes, rather than taking a big risk with shorts.
Happy to be proved wrong.
I'm seeing more and more increasing their holdings yet thsi crappy London stock echange . is determined to undermine BT shares. I'm sure thery have a n EX Ofcom employee sitting a cupboard somehere pulling levers.
Latest RNS seems to confirm the loans to other interested parties (see Equity Swaps in section 8B2) which can include parties with short positions.
All a bit baffling, looks like MS mostly using compound options, so derivatives of derivatives. Can't see this moving the share price much, poor results/CMA outcome another matter though. Doesn't seem to indicate whether puts/calls, an options trader might know.
MS have been overweight, wouldn't stop them from doing a volte face for profit, their reputation already goes before them.
IDoMyBest - was literally just typing out I think they're loans to short sellers but... in a longer way haha - I'll save the waffle!
The majority of the holding looks like call options. Which I guess means that the downside is limited to the option price.
They also appear to have a small amount out on loan, to shorters I assume.
What do you base that on?
Sell sell sell
Dumped all their shares. Not a good sign
I must admit it confused me too.
It looks as though they reduced their 8A Share Holding position to 0, but added a further 0.315403% to their 8B1/2 Financial Instrument's position.
About a 5% dividend payment in a little over 4 months time - not too shabby
Me too
At a fraction over 103p, and slightly above my last top up in Feb last year.
Hi Fleccy,
I'm trying to understand the RNS you've referenced.
Its not clear to me if it was a buy, sell or something else.
---
the reason for notification in section 2 is given as "Basket Weighting Change", whatever that means. I've googled it and just get references inflation indicators.
But it's section 7 that has me really puzzled.
"% of voting rights attached to shares" has moved from 0.06 to 0.00 , so you might first think its a sell
however,
"% of voting rights through financial instruments" has moved from 6.6 to 7.0,
and,
"Total number of voting rights held in issuer"... after the transaction nearly 700M
So is it a buy... or has the holding be migrated from one kind of instrument to another ?
Also, section 8B2 sets out a schedule of option execution dates into 2026....
So, my feeling is that this is Morgan Stanley doing some housekeeping.
What do you think?
thanks
M
Goodness did not mean to insult Rod/Mandy my apologies. Yes you are right some may have taken insult but then easy to block and miss his posts. Any one think it will stop raining for a few days or even weeks? Starting to think BT shares will be £5 or more before theres a good summer?
Well I would not say he was fun all the time, he probably finds that an insult and not missed by all who suffered his wrath. But he was a character I will admit that.
Actually think Rod is on Holiday some where with great weather not giving a thought about BT or these posts, always think only thing worse that being talked about is not being talked about and Rod even if he never posts again would always be remembered he has been fun and sadly missed.
I wonder weather he reinvested his dividend? There will be a care home somewhere with an old guy throwing his chair about 8-)))))))
Yeah mandy travelled alright , all the way up to Strangeways cat A.... He was caught exposing himself in public (again)
Quite and boring, even if some of his posts seemed a bit aggressive Rod did put his views across in a very interesting and though out way. hope he is in good health and enjoying himself where ever he is.