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I see 3 big after hours sales totalling £1.9mil.....where you get £1.3 from?
I'm guessing its someone who bought in at ipo and was happy taking 20% profit, and why not?
Potentially yes, clearly a single seller has off loaded a sizeable chunk of his holdings.
Will he be the only one?
Does he know something that we don’t know?
We’ll find out tomorrow. I wouldn’t be surprised if we have a holdings RNS tomorrow followed by negative news purely based on those sells.
Happy for somebody to spin it the other way.
Cx
0.6% of market cap, is that something to be worried about?
If true it’s going to be an interesting morning….
I don’t think I’ve ever seen so many trades of such small volumes.
Almost every trade is for less than 50 units!
Any idea why?
Cx
Personally v happy with my Centricus Spac/Arqit investment. The CEO thinks it will become UK's largest ever tech firm.
Perhaps they knew SSIT was investing in them lol! But also perhaps their participation in Spire Global to Participate at Upcoming RBC Capital Markets Global Industrials Virtual Conference tomorrow could the explanations - imo ofc.
https://uk.finance.yahoo.com/news/spire-global-participate-upcoming-rbc-110000608.html
The VC investors should be very happy with ARQQ - opening price post merger with the SPAC was $9.07 on 7/9, today it opened at $14.15 and as I type is $17.02 (it has peaked at $23.40 yesterday according to Google Finance). Whether we IT peeps will be as happy will be determined in a few days when our price is settled and over a much longer period as the company matures and (hopefully) performs.
Not sure why, but Spire popped almost 30% on Friday - opened at $9.18, closed at $12.00 although came down to $11.00 in after hours trading. Any news I have missed?
And the Arqit SPAC should be completed today with trading on 7/9 so busy times for SSIT
"Wed, 18th Aug 2021 07:00
RNS Number : 9594I
Seraphim Space Investment Trust PLC
Transfer is expected by end of August 2021 at which time a further announcement will be made."
*Checks Calendar*
*Taps Feet*
Interesting. So cheaper than buying the original SPAC, maybe the market hasn't caught on to the value yet. Good for SSIT investers.
Geeky stuff I do to warm up for real work:
according to the RNS, NYSE:SPIR started trading on 17/8 (I though the SPAC acquisition happened on 16/9 but calcs based on that will be notes).
SSIT will pay SSVC the 5 day average for the holding in Spire.
From Google Finance, the closing prices ($) and volumes (vols in '000) were:
16-Aug 9.93 524
17-Aug 9.41 256
18-Aug 9.9 186
19-Aug 8.85 149
20-Aug 9.05 122
23-Aug 8.35 225
On a strict average, 17-23 August closing is $9.11/ share (16-20 is $9.43), on a volume weighted average 17-23 Aug is $9.12/ share (16-20 is $9.60) and closing price last night was $9.72. I haven't got any data (or inclination) to look at the volume weighted average for each day's trading, but will be interested to see how close these #'s are to what is disclosed in the RNS at the end of the month. Looks like an OK deal for the IT so far (yay us!).
I'll be interested to see what price the IT actually pays for these shares as barring a slight spike on the first day of trading, the share (NYSE:NSH - it will become NYSE:SPIR but yahoo and google finance haven't caught up yet) has taken a bit of a pounding (down from about $10 a share pre-merger to $8.71 as I type). First day of combined trading was the 16th, so it should be an average of this week's prices by my reckoning.
Yes - Spire was a retained asset too. Here's the complete list but the formatting might be nasty:
Table 4 below summarises the four investments that comprise the Retained Assets which had an aggregate valuation of £49.9 million as at 31 May 2021 as determined by the AIFM.
Legal Name Transaction Percentage shareholding in portfolio company 31 May '21 Valuation £
Spire SPAC announced 01.03.21 0.8% 4,909
Arqit Limited SPAC announced 12.5.21 5.5% 27,859
D-Orbit S.p.A Transaction underway N/A* 7,362
Iceye Oy Pre IPO transaction underway N/A* 9,755
49,886
So the VC had 0.8% of Spire, valued at c.$4.9M. The IT will acquire 100% of that 0.8% as long as it then doesn't make up more than 15% of the IT's NAV. Same pricing deal as with Arqit - 5 day average share price. Let's hope it pops on day 6 :)
Rich, I'm guessing a similar situation for Spire Global, the vc investors get the 'ipo' uplift the IT investors get to buy at the listed stock price? This seems fair as we didn't carry the risk of the initial investment.
Indeed - wonder what’s made it rise - hard to find any info. Lol!
Nise rise today. Hopefully will keep creeping up slowly
Good point indeed. I should have read more carefully. Many thanks
Not necessarily that great - Arqit is one of the retained assets not part of the seed portfolio. The Arqit holding is still in the VC part of Seraphim and will be revalued and sold from the VC fund to the IT post-listing but before 31/12/21, so it won't be at a bargain price. See pages 44 - 46 of the prospectus.
"In the event that there is a successful corporate action by 20 December 2021 the Company will
acquire the relevant interests at a price per share: (i) where the corporate action involves a listing
following an acquisition, equal to the volume weighted average price per share for the interests
owned by the Seraphim Space Fund for the five days trading from and including the date of the
relevant listing; and (ii) where the corporate action involves a meaningful fundraise, at the price per
share implied by the price at which that fundraise was undertaken."
So we (the Trust) will pay the VC the average share price over the 1st 5 days of trading. The VC gets all the benefits of any listing boost, not the IT.
Unusual, most ITs seem to keep about 15% to help with liquidity and for tap issues.
No shares left in treasury. Might see a little more upwards movement now as there are more buyers than sellers.
DYOR and GLA