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What happens when the shares trackers/ETF have sold in panic deiced to buy back ?

Wise, yep, no idea how they arrive at that figure..

Looking at that list below, between the 5th and 9th June stock availability dropped from 5.9m to just 10k

Frasers issued their last TR1 on the 5th June.

Tbh, I don't really follow that stuff much - IG Index is a good source for stock availability, if its gone tight they will normally be the first to know.

As mentioned before, i doubt there's any fund out there net short there will be some form of hedge which is the bit we don't get to normally see.

First time I have seen shares available to borrow drop to zero.

Time Since

Last Change Timestamp (UTC) GB:THG Short Shares Availability

4 hours ago 2025-06-26 07:27:41.643 0

06-12 2025-06-12 07:49:43.661 10,000

06-10 2025-06-10 09:22:17.552 9,000

06-09 2025-06-09 06:38:08.973 10,000

06-05 2025-06-05 06:45:37.333 5,800,000

05-30 2025-05-30 07:03:00.85 5,600,000

05-28 2025-05-28 07:05:33.426 5,700,000

05-20 2025-05-20 14:06:50.235 5,900,000

05-20 2025-05-20 11:34:25.514 5,800,000

05-13 2025-05-13 06:37:29.472 5,900,000

https://fintel.io/ss/gb/thg

On June 25, 2025 - TAVFX - THIRD AVENUE VALUE FUND Institutional Class filed a NPORT-P form disclosing ownership of 41,318,808 shares of S4 Capital plc (GB:SFOR) valued at $1,111,475,935 USD as of April 30, 2025.

The entity filed a previous NPORT-P on March 25, 2025 disclosing 32,614,660 shares of S4 Capital plc. This represents a change in shares of 26.69% during the quarter.

https://fintel.io/so/gb/sfor/third-avenue-trust

Cheers gents, helpful insight into the AGM.

Doesn't sound like Matt hates retail investors as this forum would have you believe..

Matt secured almost the same % vote as last year, overwhelming support from institutions including it would seem Frasers..

The re-brand is clearly working despite much criticism at the time, this during some very turbulent times globally.

For anyone following the whole Ai thang and how its involving, well worth watching this deep dive video

Artists Battle For Copyright vs Generative AI | Undercover Asia | Full Episode

https://www.youtube.com/watch?v=nwxtEvljUZU

Always a big gap between the vested Wall St machine and reality, what ever happened to 5G ? wasn't that long ago we had executives claiming its the most significant evolutionary development since electricity, honestly ..oh ..and the 'Internet of Things:'..

Bill Gates the green visionary, but wait lets build some mini nuclear reactors, not to keep people warm or power homes but to supply power for Ai data centres..

This bit, very succinct:

' By definition, AI models can only spit out ads based on everything that has gone before, while companies hire top agencies to invent something new. It not only has to be original, but sufficiently arresting to cut through the noise.'

S4 could of course opt for a share consolidation but that might cause liquidity issues for the exchange, better in my view to wait for sentiment markets to improve, trackers/ETF's will soon adjust their economic models to reflect this.

Good chance of a fed rate cut in July with not just Trump calling for a reduction, long overdue Ai legislation is in the pipeline too which will take away some of the uncertainty and hype surrounding this new technology.

People want to be immersed in life's experiences, not have an artificial reality imposed on them (or at least I don't lol..)

The only index that S4 might be eligible for is the Russell 2000, even then it would need to have a closing price of $1 for more than 30 days.

'Minimum share price and market cap

A stock must have a closing price at or above $1.00 on its primary exchange on rank day to be eligible for inclusion (a 30-day average is used for existing index members to reduce unnecessary turnover). And a company must have a total market capitalisation of US$30 million or more on rank day to be eligible.'

https://www.lseg.com/en/insights/ftse-russell/how-can-my-company-get-into-the-russell-indexes

At the moment S4 is not even in the official UK indexes as in 'transition category'.

That said, the US trackers which dominate much of the UK market have much broader remits and don't seem to whether companies are in or out, might be different if the UK funds ever come to the table.

Lots of changes on the horizon for Ai regulation pending ..

This is the UK's response, haven't read all of it and not sure where its at, but gives a flavour of what's in dispute.

'Both our creative industries and our AI sector are UK strengths. They are vital to our national mission to grow the economy. This consultation sets out our plan to deliver a copyright and AI framework that rewards human creativity, incentivises innovation and provides the legal certainty required for long-term growth in both sectors.

At present, the application of UK copyright law to the training of AI models is disputed. Rights holders are finding it difficult to control the use of their works in training AI models and seek to be remunerated for its use. AI developers are similarly finding it difficult to navigate copyright law in the UK, and this legal uncertainty is undermining investment in and adoption of AI technology.'

https://www.gov.uk/government/consultations/copyright-and-artificial-intelligence/copyright-and-artificial-intelligence#c-our-proposed-approach

Its worth keeping up to date with how these new boundaries are being defined, there's a lot of activity but in essence its the unauthorised use of copyrighted material to train Ai, this is then subsequently used well...by anyone with internet access.

Universities are already seeing a drop off in artists as they feel its impossible to win, if creativity goes by the wayside things will be pretty grim which is why I think something will happen.

Current initiatives included 'opting out' but this could go one stage further like the whole EU cookies thing, very easy to see that, EU are looking at labelling Ai content as such so as people know what's what.

This site has seen a large jump from creatives, as are people opting out of Instagram and other social media platforms.

https://blog.cara.app/about

Ai is a fantastic tool, but this wild west approach to copyright and artists needs moderating, its also another reason why advertisers will be wary of using Ai without knowing if the images they are using belong to someone else.

This leaves a niche space for companies willing to act as a conduit imo, yes, by all means generate images, video but have someone knowledgeable active during the creation process.

My take is based on how the EU have acted already on privacy, GDPR, cookies and so.. US is more litigious but may end up at the same place.

Voting is one of our most important means of influence

When voting at shareholder meetings, we consider whether the board operates effectively and whether our shareholder rights are adequately protected. Our default position is to support the company while also expressing our positions and expectations. We have clear views on what company boards should look like, and we can vote against the board if the company does not conform to them.

https://www.nbim.no/en/responsible-investment/voting/

Keep 'em coming, Ai assisted ..

Together, Monks and Windsurf will enable enterprises to:

Shorten product development cycles and improve time-to-market.

Break down silos between product, design, and engineering teams.

Build scalable, AI-assisted digital experiences with confidence and compliance.

Make smarter decisions with real-time performance data and insights.

It looks like Patient Capital has been double counted, c61m would be almost 10% of the company.

The Zedra trust entry is an interesting one, not sure if its the same one thats invested in THG but with different domicile, from THG IPO document.

Zedra Trust Company (Jersey) Limited as trustee of the Oliver's Sebastian Led Trust 2011.

Talking over the interviewer was a bit uncomfortably, had to skip that bit but it went on to improve.

There's no doubt he hasn't lost any of his edge given the amount of people showcasing his appearance, and he is 80 years old, incredible really.

It was reassuring to hear his commentary on Ai where he believes S4 are well placed with their digital only, data driven, faster, better, cheaper, unitary (that was a new one to me) mantra..

Need to listen to the rest of it over weekend but put to rest a few concerns at least for now..

..maybe humans will evolve faster.. : )

Yup, watch the EU get involved like they usually do, although I do agree something needs to happen.

I don't think most people have stopped to wonder how Ai works especially for image generation, behind the scenes there are 1,000's of underpaid operatives laboriously teaching 'Ai' what its looking at, all very basic stuff really.

In terms of advertising my guess is agencies which combine their own creativity with Ai will win out being able to charge a premium over Ai only automation, thats just my view based on human behaviour which tends to pay a premium for exclusivity.

As humans we are not here very long making genuine experiences highly valued, having Ai automate the process might not cut the mustard, at least not long term.

Reddit has some good conversations on this topic with lively debate on both sides.

Some numbers, last batch of shares took two months to accumulate, that's 40 business days excluding bank holidays if my math is correct.

That works out to 534,508 for each day during a time when Trump introduced tariffs collectively dropping the Dow over 4,000 points at one point, this time might take a little longer assuming the next threshold is reported of 13%.

iShares CD sitting at a low (since following) of 10.21% thats a miles off even the recent 12 months highs.

Whey, softening of EU futures, again expecting modest 1-2% drop on Fridays two-week survey.