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They have reported their new position at
7.54 %. AFTER selling in one block a 2% stake on Wednesday .....
That means they still have more than 11 million shares left ...
I would like to know who bought that 2% stake from them in that ´ organized ´ trade :-)
Still a large stake to go, IF they want to sell out entirely though
Nolupus... I am not invested here but I do hold orph shares and so we share a similar problem. I have a theory on the block sell trades seen in orph that would equally apply to SNG. I'll post here just for info as SNG are also covered by the below :
'We know Acacia issued a TR1 disclosing they had 13m left a few weeks ago now and yet we have a clear overhang. I agree with the majority view that Acacia are out. However, given they took possession of 38m shares on the 5th june and one working day later disclosed they only had 13m then some entity took possession and it would appear have been selling ever since (at a seeming loss). I think the 25m went to Starboard value LP (in the US) as part of a warrant agreement between them and Acacia from 2019 ans Fed 2020.
I note that Acacia research corp website has an SEC filing section and within the current report (25th June) there is copy of the agreement to aquire the Woodford holdings. Of particular note is the existence of a supplemental agreement exhibited to this filing which sets out the escrow payments Acacia have to make to Starboard for their historic warrant deals, and specifically with reference to the Woodford deal.
Within this is the following :
For purposes of this Agreement, the following definitions shall apply:
(i) "June 2020 Approved Investment Escrow Release Amount" means, with respect to any given June 2020 Approved Investment Escrow Release Event as defined in clause (I) of the definition thereof, the amount of cash as specified in clause (II) of the definition thereof.
(ii) "June 2020 Approved Investment Escrow Release Event" means, as applicable:
2
(a) (I) the consummation of an Approved Investment occurring following the June 2020 Approved Investment; then (II) the amount of such Approved Investment;
(b) (I) the Company's receipt of written confirmation by or on behalf of the applicable Starboard Fund that it has properly received shares of Common Stock issuable pursuant to an applicable Conversion Notice; then (II) the Stated Value (as defined in the Certificate of Designations) attributable to the Conversion Amount (as defined in the Certificate of Designations) as indicated in the applicable Conversion Notice (as defined in the Certificate of Designations); and
(c) (I) the Company's receipt of a written notice by the Designee electing to effect a voluntary release of cash; then (II) the cash amount specified by the Designee in such election notice.
**conclusion for consideration -Section B above strikes me as meaning that Starfund can take settlement in the form of common shares in Orph or any of the other companies sold in lieu of cash payment. Therefore would be logical to assume that Starfund got the share purchase very cheap in relative terms.
I’m pretty certain ACACIA have continued selling and still are through JBER. Been there for everyone to see the last few days tbh. Selling 2p below other MM’s so they want out. Great, I’ll shed a tear when they leave.:). Hopefully they will be approaching the 5% mark soon. One decent spike and they’ll be history. Oh and Acacia...... go f**k yourselves.
Everything is relative. We should resist of worrying about others.
Deepjoy,
Thanks for your post , I was aware of the contents but I don't think it was posted here before .
Acacia , basically borrowed much of the cash to buy from Link and are turning over a large part of the link shares to repay the money , imo
Yes it looks that way. Anyhow good luck everyone lets hope they bug off soon and let the affected companies breathe. Cheers all DJ
Miggy,
I cannot agree with your statement because acacia weren't selling in the last fortnight except for that one trade on Wednesday ....
The volumes of sales is therefore not to be put down to acacia so who ?
Of course they were selling in the last fortnight!
Rich ,
Compare the 2 RNS and you will see that they were not or just marginally
Just trading.
So do we blame Acacia entirely for the drop in SP when it looked like we were on our way up?
They seem to file multiple TR1 at the end of their selling (please put me right if I'm wrong), so my guess is they have finished for the time being. Not saying they won't offload more next month.
Nolupus,
You can’t know that. Another TR1 could land anytime. We know someone has been selling, Acacia doesn’t have sticky hands, the list of possibles is not particularly long amongst the main shareholders. Only time will tell.
Those RNSs don't tell you that.
Rich,
You said that the 3mill share trade on Wednesday was Acacia
They issued a RNS today stating that on Wednesday they crossed down to the 7.54
So
9.55 % On the 10/06
7.55 On the 01/07 so
They had'nt sold any shares from the 10/06 to the 01/07
No. That's not how it works.
My fag packet calcs for Acacia:
Shares left = 11m,
Assume 20% of trades are their sells, with an av turnover of SNG shares of 4m per day,
then need 11 x 5 / 4 = 14 trading days to clear them out.
If good news drops then the 55m target sales will be earlier.
Not long to wait now imo.
Looking on the bright side it's pretty obvious that Acacia's stake is being bought by another institution the block buying before and after the 3mil trade was not a PI.
Rich ,
They can't lie on their RNS ....
No but you're not understanding them. They're just a momentary snapshot. You seem to be wrongly inferring something about them not selling.
Rich ,
Two photos are enough to show that their position was reduced by 2 % between the 10/06 and the 1/07 with the 3 million trade on the 1/07 so show me how they were selling between so please !
Nolupus... it could possibly be , that 3 million were sold upto 12 noon say on 1st July.....2nd RNS
...and then 3 million in a block trade which is yet to be RNS'd
Yes. It's easy. Those are two snapshots of their holding at a certain point on a certain day.
The 3m trade could be as a result of a load of buys spanning several days/weeks being filled from their holding of a lot more than 3m.
It might be that they've given the broker batches to sell, and when the 3m was done, you saw it hit the feed.
I think you're just misunderstanding the TR-1s.
I can’t see why Acacia would show their hand unless they absolutely had too. Seller advertises he’s selling and he won’t get top buck for his shares. In my view they are cashing out and they would have known once the RNS was out the game was up. I suspect they will be lower than their last declaration and will be getting lower as I write. Or I’m wrong and they are keeping their remaining stake. Either way it’s not a bad thing. And who is buying?. News to come I think.
Who else thinks Richard gave a subtle hint in his video that Acacia where planning to offload further?
As a CEO you know fairly well the intentions of your major investors. If he knew they where holding there would have been nothing stopping him from saying I've been in touch and they are staying put for now.
Instead he answered that it is up to them to inform the market of their dealings which to be fair it is, and low and behold TR1.
I have a lot of faith in Richard as a CEO he's been very precise in his delivery.
@ghia its common knowledge acacia are selling all the pharmas that hey picked up for a song after Woodford's demise. There are lots of articles referencing it. Easy money for them.....