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Thing is we don't at the moment know exactly what Ingenuity consists of, most of their purchases have been transformed from the original acquisition, take UK2Net for example - its now a sprawling hosting company with 35 data centres, 1000 IT engineers globally.

Even the smaller purchases like Indigo Environmental Limited and Preston Plastics Limited have new state of the art recycling machines, collection trucks and so ...

Very hard for investors to quantify all of this but the smart money is in so..

Amones, I think the general idea is (we) communicate directly with CKHH, or at least put our views forward on the basis that we are all shareholders and want a return.

The company (Hutchmed) on the other hand may have other ideas which are not aligned directly with shareholders.

Its worth a shot, in the past I have been invited to present at board meetings, not often, but it has happened.

Yorek, agreed, looks as though I was wrong, in my defence the forms are inconsistent but that's nothing new.

Each issuer completes them as they interpret although this is rarely correct.

I had hoped that if Damien had purchased in the market it would signify a watershed but this doesn't look to be the case, at least for the moment.

..keep 'em coming..

All helps investor sentiment, ECB one to watch also.

https://www.cnbc.com/2024/10/16/uk-inflation-september-2024.html

These TR1's are unusually worded, there no reference to the fund raise only a purchase.

b) Nature of the transaction Purchase of ordinary voting shares

I clicked on the link for news just now which was was clearly positive, then the HK price summary to see it marked down on this news.

This is the nub of the problem mentioned in my earlier post, happened so many times now - might be worth pointing this out to CKHH also, cannot have escaped their attention.

Location, for Brian is was Altrincham, Trafford, Greater Manchester (fund raise)

..For Damien

London Stock Exchange (XLON)

Part of the problem seems to be HCM being used as part of a hedging strategy, this much is clear from the shorts outstanding in HK which for a formally illiquid stock is quite high.

This is all very well but when you have this sort of scenario they can play havoc trying to get themselves clear, one way to counter this is to ask the company to speak with major holders to not lend out stock, effectively calling it in.

Another way of course is share buy backs or dividend.

amones perhaps consider writing a letter as per this thread, more the merrier.

It could be CKHH are not aware of some of these points being too far from the action.

Yup, shares were admitted to trading today - existing holders percentage decreases prompting TR1.

- Settlement and admission of the Placing Shares, the Subscription Shares and the Retail Offer Shares took place at 8.00 am on 15 October 2024 -

Nope, transaction was today marked as a purchase.

Brian George Kennedy previous rule 8 declaration was 2.86%, now over 3%

..keep 'em coming..

Director by paid a premium for size 49p, not actually traded that high today.

Nothing of note in Equity Raise Post-Transaction Report

QIA diluted down, should get a few more of those.

It does seem high but this could be down to stock being tightly held by connected parties, quote below is from Prime brokers so top end of the market and certainly not retail.

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

The cost though is really irrelevant where you have a neutral position, i.e the borrower and lender are one in the same, this is the most common set-up but investors only see the FCA daily report.

End of day auctions often for large amounts of shares are when adjustments can be made without recourse to the share price.

HK offers a good working example for with DBank

https://sc.hkexnews.hk/gb/di.hkex.com.hk/di/NSAllFormList.aspx?sa2=an&sid=344192&corpn=HUTCHMED+(China)+Ltd.&sd=15/10/2023&ed=15/10/2024&cid=0&sa1=cl&scsd=15%2f10%2f2023&sced=15%2f10%2f2024&sc=13&src=MAIN&lang=EN&g_lang=en&

If you only saw one siide of the trade it would seem as though DB are short 60,620,715(S) shares, but in actual fact they are fully hedged against a long position.

I was wondering the same OHC, but also unsure if last weeks flurry of announcements constituted a watershed. i.e is there still stuff going on ?

I can see the first two parts of your calculation but unsure on the remainder.

The daily quote to borrow S4 stock is currently 3.71%, it sounds as though its gone tight although it has dropped from 5.07% early October.

The formula used is the same as when I have been charged on my trading account.

The Monetary value of the short position is £30,609 per penny.

As can be seen from the calculation S4 would have to fall by 1.5p per day, seven days a week in order just to break even.

Shorts are often mentioned as the reason for a stocks price decline, however in many cases 'shorts' are confused with with hedged positions.

Just because the FCA publishes a daily list of short positions doesn't mean those entities are not long also, in fact this type of long/short position is very common but we only see one side of the trade which is the published bit.

Lets assume for a moment that that the FCA list is just that, unhedged positions just short, if we take a typical example of 0.5% and assuming my maths are correct the costs would be as follows.

Percentage borrowed

3,060,858

Share price

0.4

Monetary value

1,224,343

Cost of borrow per day

45,423

Applied Nutrition plc

Announcement of Price Range

The price range for the Offer has been set at 136 to 160 pence per Share, implying an estimated market capitalisation at Admission of between approximately £340 million and £400 million.

https://www.londonstockexchange.com/news-article/market-news/announcement-of-price-range/16714318

My thoughts are to approach CKHH from the perspective of shareholder returns, after all its been some twenty years since inception of Hutchmed, so not unreasonable to ask for a return on capital.

It might also be on their mind too after such a long time.

For Qubes position it is costing them £95k per day, 7 days a week interest to borrow.

the sums do not add up over the course of a year, interest alone without any share price movement against them is horrendous.

Jatw, that is well written, my only comment would it not be better to leave out point 1 for another email, just focus on share holder returns as it may dilute the overall message.

I wrote a few lines but corporate activity on another holding diverted my attention away:

- From a shareholder perspective it would be good to see more focus on shareholder returns, either with dividend payments and/or share buy backs.

At the moment Hutchmed has a high level of short positions registered in HK providing a ceiling on any share price appreciation whilst adding measurably to volatility, not a good trait for investment managers. -