The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen 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.
In fact trust in the BOD isnt the issue.
Confidence in the BOD that this little escapade even occurred on their watch is the issue.
Tilly, I might just give myself a little project of going back over late yesterday afternoon and evening and take note of all of those scum that were clapping their hands with joy. Then I can cut and paste them as a constant reminder to everyone on this bb to ignore them and call them out wherever they see their avatar being posted. Spiteful bas***ds that they are.
ATB, Pete
@Jetcom - This is a really important, under-appreciated, point. It's not like any investment fund just drops £8m on some stock without doing their DD. Alexei didn't just call up on Tuesday and say: "hey guys, got some nice freshly baked buns on the back of a lorry, you want them?" It will have been negotiated and planned weeks ago. Never has the notion that there is always a buyer on the end of every sell been more significant or obvious.
Also, one thing I've been pondering is whether, if the BOD had known this was coming, they would/should/could have released an RNS to mitigate it. I'm not sure they would or should have done. If they had, it could well have just looked dodgy and caused even more panic. This way, their hands are not dirty, they don't like like they've been colluding with an insider, they can plead ignorance (whether or not they are is immaterial really, as it's plausible they had no idea and plausible deniability is all that matters) and the RNS issued this morning has brought us back to normal(ish) with probably less damage than might have otherwise occurred.
"You emotions are contradicting with your decisions"
My emotions cost me money at 4pm yesturday, my fault.
My sensible side took over this morning & bought back in.
What does this have to do with my rants that Alexi shouldve informed the BOD ?
So in your eyes Wolster: what should/could they have done differently? He is and was entitled to sell his OWN shares, just like us.. I am just trying to understand your point of view here :-) But it seems to me that you are very angry with yourself for selling the shares yesterday at 4pm - which is as I can imagine not nice, but you can't keep on blaming everyone for your own mistake...
Well that's been a bit of strange 20 or so hours. Hope all invested are OK.
Tbh, I can see where Wolster is coming from and I don't think they deserve the stick they are getting. Firstly, on reflection I don't think the BOD did know about this and I expect whoever said (think it was lancerman) if the seller had approached the BOD they would have told him he couldn't sell. He was probably faced with a situation of needing the cash come what may and thought the only way to get it was to bypass the BOD.
However, given his title and the pomp which went along with his joining then him selling is bound to raise a few eyebrows and I think it could have been orchestrated better. How they could have done this is difficult to work out.
Just because Wolster let off some steam about it doesn't justify them getting stick. GLA.
Wolster I'm sorry you lost out on this, I did a similar thing last year in this stock and it sickens you. If he had contacted the BOD would what they put out via RNS had a very different effect? Who'd have predicted that reaction yesterday?
@kira001
Far from it but i have to admit it was a bit of a shock when i looked at my PF at 4.45 yesterday but i thought heyho I will just have to retire later (av 13p so a bit in hand). When i saw the RNs this morning i thought my only course of action would be to buy more , so i liquidated some other stock and bought another £50k @ approx 24p and i am staying until the "fat lady sing".
The only downside I had is the fact I was aware yesterday afternoon otherwise i would have bought £50k as cheap as chips.
GLA
Wolster,
In your defence, I believe you are being honest in your analysis of what happened to you, and its always hard to admit, when we get it wrong especially from an emotional viewpoint, and I agree with you that Alexi, should have handled this wish to sell his shares, a lot more professionally, his actions have cost many PI's a lot of money, and he should be brought to task for it.
I am blaming only Alexi not telling the BOD.
The BOD handling issue stems, from gifting shares without clauses (to such a loose connon type of individual who shows his true colours by not informing the BOD of sale) preventing early sale prior to conclusion of the process.
Wolster, I can understand your anger at selling out and losing money, and of course I don’t know how much you lost it none of my business. However I think it now time to try and put it behind you and treat it as one of life’s very harsh lessons. You won’t end up with the pot that you thought you would but you’ll hopefully still make money out of this. Chin up mate
Guy's
It's a reminder of how risky the stock market can be !! be safe out there .
"However I think it now time to try and put it behind you"
Thought I was till some scroat started prodding the fresh wound.