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..and now Capital Group taking their holding to 78,467,580 9.08%

swap hats, think as though you are a buyer, making an offer at this stage might not be in your best interests.

"Requirement for particular forms of consideration: If any shares are acquired during the offer period for cash, or 10% or more were acquired for cash during the preceding 12 months, the offer must be in cash (or include a cash alternative) at not less than the highest price paid during the offer period and the preceding 12 months."

https://www.burges-salmon.com/news-and-insight/publications/guide-to-public-takeovers-in-the-uk#stakebuilding

best guess..

King Street submit a further proposal without making a formal offer, this is important as it allows the process to continue and more importantly further market purchases without invoking the 12 month price rule.

Gradually increasing their long position net of short increase too (if that makes sense)

Although close to 2m shares bought their short increased by roughly 1m

https://sc.hkexnews.hk/gb/di.hkex.com.hk/di/NSForm2.aspx?fn=CS20220613E00260&sa2=an&sid=344192&corpn=HUTCHMED+(China)+Ltd.&sd=14%2f06%2f2021&ed=14%2f06%2f2022&cid=0&sa1=cl&scsd=14%2f06%2f2021&sced=14%2f06%2f2022&sc=13&src=MAIN&lang=EN&g_lang=en&

Only missing piece of the jigsaw is how King Street are getting on, this must be day 15 of active dealing on their behalf, two large (ish) positions reported too for MS.

Estimation of King Street's holding post handover would be in the region of 1-2% so not huge, but important as along with Sofina, Griffiths. Blackrock and Norges bank have take up excess free float.

T Rowe appear to have stopped selling at least for the moment, Barclays are almost running a flat book from a 1% long so not much room there.

This has the feel of a chess game being played in a crowded bar.

Sofina where have you been all my life lol

Yup, increased by almost 0.5% since the last TR1 RNS, having specified a dealing date as Friday, perhaps that accounts for the other 2m or so?

If that is correct they have missed out box 3 a Purchase and Sales.

Must be at the bottom of a very dry barrel in terms of free float, no wonder props were throwing everything at it today !

Its a harsh move but traders will analyse live share registers to see where the best chance of securing stock is, if there are loads of retail on margin then the best ay is to squeeze them out.

Not saying this is the case but certainly a likely scenario.

The general read across is banks with prop desks are filing orders for MS, this makes sense.

See revised release by MS, another 3m plus Friday's increase.

This is a distraction from what's happening, follow the money ..not the flim flam ..

(LOL)

One of Friday's large trades just appeared on Barclays declaration, end of week squaring by the look of it - see box 3 (b)

10-Jun-22 17:24:46 127.947 2,168,280 Unknown* 122.65 123.95 3m O 

Just going to put these articles side by side and let the reader to form their own opinion..

JPMorgan says Chinese assets are a good diversifier right now

https://www.cnbc.com/2022/06/13/jpmorgan-says-chinese-assets-are-a-good-diversifier-right-now.html

JPMorgan published ‘uninvestable’ call on Chinese internet stocks in its March research report in error

https://www.scmp.com/business/banking-finance/article/3177263/jpmorgan-published-uninvestable-call-chinese-internet

That looks to be the largest purchase so far by Morgan Stanley & Co (on behalf of King Street0, just over 1.5m shares - what we need now in the client handover to see where King Street are.

Griffiths also added.

Top post - Holy Sat 09:30

Roger, maybe reply back with a link to the other announcements so far,?

It sounds like an oversight on their part so no biggie in the scheme of things, more interested in events unfolding next week, CVC perhaps and hopefully more details on King Street.

Taking into account bank holidays it looks to be around 14 business days of market activity by Morgan Stanley.

It might be nothing at all, or just an oversight.

HH, this bit, think it falls under an opening position declaration, similar to say Softbank.

"Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified."

These trades are almost certainly handovers from props to client, should show up in reg 8 notices Monday.

HH, I have them at 9% and change, its just a bit odd with all that's going no declaration

https://www.investegate.co.uk/thg-plc--thg-/rns/tr-1--notification-of-major-holdings/202111230926282739T/

This is now approaching Checkmate for THG, selling/shorting is being bought up by a by a friendly bidder known to the company, negative press articles and such just feed into this.

Have a good weekend all,

The board must be aware Sofina haven't yet declared, no idea what's going on there at all.

Dominic's departure is odd to say the least, conflict of interest seems the most likely so what this space.

The board have played an absolute blinder here, market just catching on as to what has happened.