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well Timbremner, as you say Eadwig is an iron door (and a rather pompous one to boot) but there's something else as well, that increasingly comes through now in his prolix posting, particularly as he gets riled by repeated rinsings (courtesy of bluerill). he is just that little bit too brittle and too easily stung by criticism (a function of the aforesaid pomposity no doubt): as far as san leon is concerned, i think he should now be considered a bad actor, likely embittered by long past losses. his stance (on the ii board) that he has been adding to his holding as recently as october really doesn't wash, when viewed in the light of some of his comments below (why would you add to your holding, when you have so low a regard for management and believe the new export facility to be flawed??). i suggest that contradiction gives the lie to his posturing here and exposes his real and darker intent: his cover (being a good and considered, if boring, actor) is blown - he was a bad actor all along and the boring thing was just part of the shabby disguise. and if you accept the old adage that a man is known by the company he keeps, need i say more? well only to add that it is odd he suddenly appears on this board, without so much as a by your leave, after years of boring people to death on the ii board - why now?
Sorry, I should have taken a moment to highlight this gem: '....Now it is small private investors fleeing a company that isn't to be taken seriously anyway and therefore it isn't a problem if they're throwing away $2m of their cash....' Honestly, there really should be some kind of digital sign attached to these message boards: 'You must be at least 'this' clever to post here' and there could be a picture of a chicken or maybe a rock, anything to at least insure that no one has to read something so patently moronic ever again (the most painful part of course is that you seem to think sharing some glittering insight). Here's hoping.....
The only even remotely sentient part of your entire post was basically a petty attempt to own me over a mistake of 5%? Otherwise, the usual gobbledygook. And that took you all day to compile? Wow. Sick burn
Bluerill,
Every time you are shown to be talking rubbish you come out with another load of theories that contradict what you previously wrote.
Now it is small private investors fleeing a company that isn't to be taken seriously anyway and therefore it isn't a problem if they're throwing away $2m of their cash.
No suggestion as to why they might actually do that at all? I.e. embark on a non-serious, useless $2m buyback to use your own characterisation.
The waiver is 25% of the daily trade, by the way, not the 20% of some average you've dreamed up and incorrectly quote. As I said, you've got a lot to learn about buybacks. Do a search on 'successful buybacks', I did, and the first link happened to be about Buffet, but I'm sure you can find some others to read as you are well above his advice.
An investor asks a sensible question and gets told he is 'silly' 'stupid' 'a bore' 'ignorant' 'arrogant' and told he is writing 'gibberish'. What is wrong with these people?
And IMO, to write that a crackpot company in a crackpot country working with crackpot bankrupt partners, led by its current management team of self enriching overpaid previously- bankrupt horse traders, acts independently of its majority holders with over 75% of the share count is naive at best but more accurately absolute gibberish.
Just to show how I am thinking, I bought a few more just now ... my last 5 buys periodically from from 9/2017 are @ 25.6, 21.23, 21.63, 26.5 and 26.22p
mr edwig of course they will shout you down they have to cover up what they know is really happening.
Well, I thought I might get some intelligent responses here, but I see its still all the same cheerleading people such as yourself and you've built up quite a claque, I notice. Poor, deluded fools.
"We'll never see 40p again" etc etc. Do they ever question you on the rubbish you have touted for so many years?
No genuine discussion, and anyone who tries to start one shouted down. Go watch the progress of a storage tanker with your mates, like its going to make a jot of difference to the value of your holding
While you're at it, reflect on how I warned you about Nigerian pipelines and how correct I was and how wrong you were. Then look-up the security of storing oil in tankers off-shore from the Niger Delta.
Date ++ Shares ++ Price ++ Total. Running Total*
18 Oct . 94,482 -26.46p £25,250 $32,572
21 Oct . 29,000 -27.91p .£8,174 $43,199
22 Oct. 89,285 -28.00p £25,250 $75,771
23 Oct. 89,285 -28.00p £25,250 $108,283
24 Oct. 88,192 -28.35p £25,252 $?140,859
25 Oct. --------- --------- £--------- $140,859
28 Oct. 87,719 -28.50p £25,250 $173,178
29 Oct. 87,719 -28.50p £25,250 $205,750 10% completed
30 Oct. 87,719 -28.50p £25,250 $?238,322
31 Oct. 87,719 -28.50p £25,250 $270,895
01 Nov. 88,967 -28.10p £25,250 $303,467
04 Nov. 89,285 -28.00p £25,250 $336,040
05 Nov. 92,165 -27.125p £25,250 $368,612
06 Nov. 92,592 -27.00p £25,250 $401,184 20% Completed
07 Nov. 90,909 -27.50p £25,250 $433,504
08. Nov. 91,274 -27.39p £25,250 $?465,824
11. Nov. 91,274 -27.39p £25,250 $?498,144 25% Completed
12. Nov. 91,274 -27.39p £25,250 $530,464
13. Nov. 91,575, -27.30p £25,250 $?562,784
14. Nov. 93,283 -26.30p £25,250 $595,104 30% completed
15. Nov. 92,250 -27.10p £25,250 $627,677
18. Nov. 94,339 -26.50p £25,250 $660,502 1/3rd completed
19. Nov. 95,419 -26.20p £25,250 $693,074
20. Nov. 97,656 -25.60p £25,250 $725,646
21. Nov. 97,276 -25.70p £25,250 $758,215
22. Nov. 98,039 -25.50p £25,250 $790,535
23. Nov. 96,153 @26.00p £25,250 $823,107 approx 41% completed
Total number of Ordinary Shares in issue with voting rights now 453,297,277
*Approx Running total in US Dollars inc. 1% stamp duty Fx rate taken from US close and rounded to the nearest cent.
Eadwig was the resident bore way back when still drilling in Poland, seems he/she has unfortunately returned, must have got to the end of the internet in the inbetween years and returned here to bore all to tears who can be r'sed to read his/her material.
brilliant bluerill, simply brilliant.
.. for chrissake Eadwig i've warned you before about boring us all to death with irrelevant and longwinded nonsense. since you arrived on this board (why you couldn't just have stayed on ii, god alone knows) you may not have noticed but you're drawing in some lowlife company again here. jeez and we just cleaned this board up and had ourselves some intelligent discussion going and all
Bluerill ". I'm sorry, but the rest of what you wrote about how the buyback is being 'handled' (huh???) and 'desperate sellers' is simply gibberish."
Is it really? You obviously don't know much about buybacks and especially about the best way to handle them.
Here are some of Warren Buffet's opinions, you might have heard of him, about some of the best ways to handle a buyback (huh?) and some of the worst ways (huh??). And the methodology he prefers (huh???). Just to get you started, as your comments appear to indicate you haven't got a clue.
As a flavour for those who don't want to be clicking on links, Buffet said, "Many management are just deciding they’re gonna buy X billions over X months. That’s no way to buy things". Substitute '£25k every day' and the penny might drop when I talk about handling a buyback.
Buffet also says, "Can you imagine somebody going out and saying, we’re going to buy a business and we don’t care what the price is? You know, we’re going to spend $5 billion this year buying a business, we don’t care what the price is. But that’s what companies do when they don’t attach some kind of a metric to what they’re doing on their buybacks"
https://www.cnbc.com/2018/08/31/warren-buffett-explains-the-enduring-power-of-stock-buybacks.html
Please do point out the "gibberish" parts of what he is saying. After that, talking of gibberish, you can have a go at explaining how the company and 'one or two buyers' are 'absorbing' the daily volume of shares and the price is still falling.
None of which gets us any closer to who the seller is, desperate or otherwise.
Blackswan, according to it's deadweight tonnage, the Eli Akaso is a VLCC (very large crude carrier). There is only one crude tanker classification that is larger, i.e. a ULCC.
The ship is 20 years old and has been renamed at least a couple of times.
Eli Akaso - extracting more data - on closer inspection she seems eminently suitable for the Niger Delta with a shallow draft - currently at anchor in the Johore straits, hopefully as mclean91 suggests awaiting departure for Nigeria.
AIS Name ELI AKASO
Type Ship FleetMon Ship Icon
Flag Panama Flag of Panama
IMO —
MMSI 370570000
Callsign 3FNX9
Year Built —
Length 270 m
Width 58 m
Draught Avg 1.1 m / ...
Speed Avg/Max 5.8 kn / 5.2 kn
Deadweight —
Gross Tonnage —
AIS Class A
I only 'add' when you write something, um, not so smart, and i'm afraid you've got a knack for motivating me a bit more every time you post. Nothing you wrote makes any sense as you continue to betray a shocking lack of understanding about markets. The volume since the buyback began has significantly EXCEEDED the company's 100k shares/day and i'm trying to explain to you that much of that has been absorbed by one or 2 buyers who have been patiently putting up bids, particularly off-book and building a position. I'm sorry, but the rest of what you wrote about how the buyback is being 'handled' (huh???) and 'desperate sellers' is simply gibberish.
mclean 91 - Thanks for the updating info on Eli Akaso - have we all got the right ship here - if that is a picture of the Eli Akaso we are going to use for oil storage it's certainly not going to hold very much oil - heading for Anchorage - I suppose it could currently be pointed in that direction but it is going to take a heck of a long time to get there at 0.2 Knots and isn't Nigeria in the other direction - leaving aside the AIS data though surely from the picture shown Eroton/SLE/OF can't be the sailors surely - all rather confusing?
The current position of ELI AKASO is in Singapore Strait with coordinates 1.30184° / 104.12567° as reported on 2019-11-25 08:42 by AIS. The vessel's current speed is 0.2 Knots and is heading at the port of ANCHORAGE in USA.
The vessel ELI AKASO (MMSI: 370570000) is a Other Type and it's sailing under the flag of [PA] Panama
In this page you can find informations about the vessels current position, last detected port calls, and current voyage information. If the vessels is not in coverage by AIS you will find the latest position.
The current position of ELI AKASO is detected by our AIS receivers and we are not responsible for the reliability of the data. The last position was recorded while the vessels was in Coverage by Ais receivers.
https://www.fleetmon.com › vessels
Vessel ELI AKASO (Ship) IMO —, MMSI 370570000 - FleetMon
Bluerrill:" why not try and determine who the buyer may be? ... very patient buyer sitting on the bid, dealing primarily off-market, building a position. Wonder who that might be?"
Well, I think that's the company buying and cancelling the shares, via Cantor. No one is building a position, certainly not of corresponding size, which is the whole point of the discussion. We know who the buyer is. The clue is in the term buy-back.
Maybe someone else has some plausible contribution to make as to the seller(s) and why the buyback is being handled so badly. Or Maybe you can come up with some source for your mythical upper limit set for the buyback in cash terms!
Bluerill:"As for the 100k sales each day, it is likely related to, for the time being, the seller filling the company's daily demand, which is obviously a known quantity of near enough, 100k shares."
How stupid would that be for a seller apparently desperate for cash?
Bluerill: " This is a silly discussion, "
Don't take part then. I didn't start the discussion, but I think it is a worthwhile question. You have made clear you think it is irrelevant, so nothing for you to add then.
Meantime, if you really want to engage your forensic talents, why not try and determine who the buyer may be? While it's certainly true that since the buyback was announced, the share price has gone down a bit on a seller using Cantors' buying as a 'liquidity event' , it is also pretty apparent that, obviously outside of the company, there has also been a very patient buyer sitting on the bid, dealing primarily off-market, building a position. Wonder who that might be?
This exaggerated modesty routine of yours is a bit tiresome, if deserved. This is a silly discussion, which you're trying to elevate to something relevant. Even if the seller has a million shares, they are 'small' insofar as they are neither an institution nor a market maker, but a private holder. As for the 100k sales each day, it is likely related to, for the time being, the seller filling the company's daily demand, which is obviously a known quantity of near enough, 100k shares.
In 5 of the last 7 trading days blocks of 100,000 shares exactly have been released.
It seems like odd behaviour from individual 'small holders' to me, but then what do I know?
The 'seller' may be one or many, but it is definitely constituted by small holders and not from 'inventory of market makers', primarily b/c there is no such thing anymore. Market makers, such as they are today, mostly keep very tight books, which means very little 'inventory' even overnight, never mind for any length of time, and particularly not in a name like san leon (i.e., small and generally illiquid). You honestly don't know what you're talking about on this one, sorry.
Well, we don't seem to be getting anywhere identifying a seller. My theory that the sales are coming rom the inventory of market makers first and foremost, rather than P.I.s realising losses, appears to have fallen on stony ground, and I must admit I'm not very au fait with exactly how they work in terms of holding stock inventory. So I looked it up. I thought this seemed to rather confirm my suspicions:
" Understanding Market Makers
The most common type of market maker is a brokerage house that provides purchase and sale solutions for investors in an effort to keep financial markets liquid. A market maker can also be an individual intermediary, but due to the size of securities needed to facilitate the volume of purchases and sales, the vast majority of market makers work on behalf of large institutions."
""Making a market" signals a willingness to buy and sell the securities of a defined set of companies to broker-dealer firms that are member firms of that exchange. Each market maker displays buy and sell quotations for a guaranteed number of shares. Once an order is received from a buyer, the market maker immediately sells off his position of shares from his own inventory, to complete the order. In short, market making facilitates a smoother flow of financial markets by making it easier for investors and traders to buy and sell. Without market making, there may be insufficient transactions and less overall investment activities.
A market maker must commit to continuously quoting prices at which it will buy (or bid for) and sell (or ask for) securities. Market makers must also quote the volume in which they're willing to trade, and the frequency of time it will quote at the Best Bid and Best Offer (BBO) prices. Market makers must stick to these parameters at all times, during all market outlooks. When markets become erratic or volatile, market makers must remain disciplined in order to continue facilitating smooth transactions."
P.S. Bluerill - at no point did I say that market makers were not fulfilling their obligations. Your reply seems to imply that I had. Also the motion to have a buyback was put up by the company but decided by vote at the AGM, and the major shareholders, owning a majority, obviously decided to have one. So, the decision was indeed theirs.
no
Once Tosca hold 75% of the shares, don't they actually control the company, so the board are an irrelevance?
As someone said, with these buys backs and cancelling of shares, their percentage holding is increasing without them spending a penny