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I'm never really happy with things staying dull and level but
Que Sera Sera !
Agreed. If the daily volume keeps trending lower the company would have to reduce their buys or the SP would drift upwards II assume. Good for the company if it's levelled. However, I'm not guessing what'll happen from here over the next 1-3 months. I'll just keep watching ST like a hawk and listening out for company announcements. I'd be quite happy if things stayed dull and level in the short term. What will be will be.
Don’t disagree that the selling appears to be drying up ..but the main buyer is the company.
Depends how they play it from here ..they can either try to buy down or can prop them up and even walk them better…though I would have thought they would want to buy as cheap as possible.
Evidence today is they prop and start paying up. Who knows. Ultimately the price will reflect commercial traction not be dictated by the company’s balance sheet activities!
Your interpretation is probably better than mine. Yeah, I’m keeping tabs, it’s £1,100,763
Averages say that would last another 26 days, but that’s not a good indicator as their bb rate has slowed down, so it is currently likely to last longer than that. But It’ll be what it’ll be I guess.
Did you get how much spent so far ..I started tracking it but gave up!
Guess it must be a bit over £1.1m?
All sounds about right but I’m not going back over every day. If you deduct the Nanoco print and divides remaining volume by that amount will give you true picture. But the selling appears to be drying up yep and they still have firepower and it looks today that they were taking offers not just sitting there absorbing sells. To be fair it was a bad mark because they paid the high order book print for the whole fill when the broker must have picked a fair few up below that level. You either work the order for a commission or take a turn..Cavendish must have done both to get a print at 19.2p…just my nterpretation.
Kooba, can you check my maths pls. Since the buyback started I make it that the company has purchased 5,302,431 of its own shares. Total trading volume in that period has been 20,803,398 if I remove the double counting as you say.
So, I make it the company is buying back an average of 25.5% per day. Albeit that jumped over 50% in the 2 days before they had a pause. Since then they are buying back at half the rate but today that would still be 40% of the total. Have I got that right?
With the overall volume of trades trending lower they will need to reduce their BB's further or they would go above 50% again if that trend continues.
So well over half the volume represents their activity ..which is very aggressive, most buybacks are limited at smaller % of volume often maximum 30% , the idea being they don’t overly influence the price and chase the price up..maybe Nanoco are happy to do that.
Ah, I see. That makes sense, thanks.
On the basis of todays pri
257,812 @ 19.20p…19.2p being the highest print on the order book they are not just operating on the bid but are taking the offer, the 257,812 is bought by the broker in bits and then printed out to Nanoco at the end of the day ..so counts double in the volume figure…same as every day so they have been far larger % of volume.
Daily trading volumes have dropped steeply over the past 2 weeks and are now below average. The company buy backs are bang on 20% of all trades since they started on 11th April. Maybe a 20% average trading volume is the logic Cavendish are following.
But even after halving the buy back rate recently the company made up nearly 28% of all trades yesterday. So, does that indicate stock liquidity might be drying up which would mean the company buy back rate would have to reduce further to avoid pushing up the SP? Genuine question btw.
Imagine if the buy back completes and then Nanoco release an update on a large collaboration with STM.
Surely LOAM and co would have been mugged off?
Yes, I’m not buying back my tendered shares yet, maybe never, like TS I’ve put it elsewhere. (Still got my core, only tendered ones that a bought after the court case).
Maybe , i think though that relative to average daily volume especially with smaller market cap the £100k a day was rather aggressive so best use of money is to buy at the most advantageous price..no need paying more really, so maybe they try to buy some down into any selling?
As to news something could drop at any time i guess but there is nothing regulatory due for quite a while now.
Probably so that it props up the share price for longer. They may as well drag it out, maybe to the point of some news! That’s me with my positive head on.
Todays print is already in 261213 shares at 18.95P £49499..makes more sense as half the earlier number ..£50k including costs..the the prints still edging down.
@Kooba
Thanks for the reply.
I've invested elsewhere and decided to wait till SP 15p at least before "considering" adding more here.
Certainly not in any hurry.
Not sure it will have much effect really..£49k worth rather than £99k worth seems more an appropriate level relative to volume and is less likely to sit as a share support , perhaps evident in the price performance. But think now folks have got their money back from selling at 24P there is likely to be some natural reinvestment sub 20p. I picked a few up at 19p yesterday and will look to buy more on weakness. But not in any hurry.
@Kooba
Any ideas what effect the change of tack might have regards confidence, sentiment etc... on forward outlook ?
Will anything be reflected in the SP, who knows !
So a day off and now they have moved to £49k a day it seems..so a change in tack.
Will extend the use of funds but not as aggressive..perhaps leading to the slight weakening.
Seems a more appropriate level against daily volume as they were moving to over 50% total volumes it seemed to me. Maybe happy to buy down after an aggressive start?
A day of no activity is normally related to a day where there is no volume in some cases as most companies on operate up to a percentage of daily volume as is recommended.
There was normal volume of Friday..fair bit higher than recent sessions if you strip out Nanoco activity as they have been a significant part of volume. Most arms length buy backs as it is here operate every trading day on parameters. I’m not aware of many that go hot and cold in this arrangement..though have seen some operated by the company go on and off again depending on whether there is volume.
No such thing as a 'no activity' day @Nanoco surely - BT will heve everyone 'beavering' away at the new fab in preparation for the rush of new orders as a result of the bragging and trumpeting from those receiving the first commercial order in order to reach the target of of cashflow breakeven in CY2025.
Can hardly contain my excitement as yet another inflection point approaches !
I hold another share who have been buying back for a while - every so often there will be a day of no activity. And then the following day they will start buying again. Nothing unusual.
“The Company has instructed Cavendish to conduct the Share Buyback Programme on its behalf on a broker-managed basis, with trading decisions taken independently of the Company.”
https://polaris.brighterir.com/public/nanoco/news/rns/story/rdlolpx
As spotted no print out on Friday and no disclosure today…so for some reason a no activity day.
Could be delayed reporting ?
Could be they pause having used about £1m?
Could be news pending suspending buyback…but slightly unlikely as they state the buyback is being done “independently” by Cavendish.
Anyway seems a change in normal activity a the moment.