Share Liquidity2 Aug 2023 20:53
Long time lurker here. I was just checking the latest list of major shareholders on SharePad and out of the 60 million shares in the market. Paul, Richard and Deidre Pindar hold 26.8m shares (44.6%). The other directors hold 4.4m shares (7.3%) between them. So family + directors = 31.2m shares (52%). The other major shareholders own 10.3m (17.2%). In total, these major shareholders hold 41.5m shares, that is 69.2% of 60m shares. This leaves 18.5m shares held by non-Major shareholders.
I looked at the trading over the last 6 months and the mean daily number of shares traded was circa 19,000 shares per day (circa £100k a day); on a median basis it was about 13,500 shares per day (£67k a day). With circa 250 trading days a year, that means the market is trading through 4.75m shares a year at current rates.
So the observation is that at current trading rates it would take 3.9 YEARS to churn through the 18.5m non major shareholders.
Literacy have yet to prove material levels of exiting/harvesting portfolio companies, but surely this would pop if the was a material change in NAV in the future?
Appendix: Major shareholder information from SharePad:
Paul Richard Martin Pindar - Chairman - 17.0m shares (28.3%)
Richard Pindar - Director - 6.4m shares (10.7%)
Deidre Pindar - - 3.4m shares (5.6%)
Simon Richard Downing - Director - 3.3m shares (5.4%)
Martin Bolland - - 3.0m shares (5.0%)
Nicholas Robinson - - 3.0m shares (5.0%)
Generational - - 2.4m shares (4.0%)
Nicholas Humphries - - 2.0m shares (3.3%)
Kevin Peter Dady - Director - 0.7m shares (1.1%)
Christopher Sellers - Director - 0.4m shares (0.7%)
Rachel Murphy - Director - 0.1m shares (0.1%)