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if you lend them you still own them, you have just lent them out.
"I mean If you lend 3% shares and you buy again 3%, you have nothing to declare, do you ? (you don't have to declare 6%!?)"
I am not sure about that Whosnext!
If you lend out your shares, you are still the legal owner as I see it.
The reporting of Borrowed Ordinary shares is a new one on me. I think it is something that the FCA or LSE have added recently. Unfortunately without stating who the lender and the borrower are, the RNS is next to useless. The problem with borrowing / shorting shares is it creates double ownership of the borrowed stock.
I mean If you lend 3% shares and you buy again 3%, you have nothing to declare, do you ? (you don't have to declare 6%!?)
"I suppose that could allow a shareholder (SocGen customer) to buy more without disclosing itself"
Whosnext,
It does not matter who bought these shares from Soc Gen, if the buyer's holding hit 3% they would be obliged to declare it.
What good are the voting rights if nothing is being voted on?
"It looks like they have borrowed Ordinary shares : totaling 169,703,575 and with it the voting rights for those shares."
That's the way I read it too, Rusty.
But it makes no sense to me unless they plan to sell these shares and add to their short position. There is no money to be made by borrowing shares, doing nothing with them, and then returning them.
Thanks a lot Rusty,
I suppose that could allow a shareholder (SocGen customer) to buy more without disclosing itself
It looks like they have borrowed Ordinary shares : totalling 169,703,575 and with it the voting rights for those shares.
It then looks like they have a short position in the form of a contract for difference for 31,001,612 % of voting rights : -0.94%
Again this could be something to do with also having convertable bonds, but very interesting. I remember black rock doing something similar years ago with blnx and getting caught out.
Could someone explain this new shareholder position ?
Is it a short position ?
A Negative Number of shares ?
Ordinary shares :
Number of voting rights : -31,001,612
% of voting rights : -0.94%
Borrowed Ordinary shares :
Number of voting rights : 169,703,575
% of voting rights : 5.13%