Member Info for archways

Sorry - I have just noticed an error about half way down my post at 13.50. 0.2 out one way would have given 4.48-4.6 or 4.5-4.62, not 4.52-4.6 or 4.5-4.62. It has been a long time since I was buying or selling for clients!

MDC1
I am not sure that you are correct in saying that a market maker must deal in 300,000 (in the case of Greatland) if your order is for more than that number.
When I was a stockbroker many years ago in the days when all deals were done over the phone, if the client's order was for more than the market size you would phone a market maker and ask what he would quote for more. If the quoted spread was say 4.5 - 4.6 he might say 0.2 out in 400,000 one way. He would not know whether you were buying or selling, and you would not know whether he was prepared to deal in 400,000 at 4.52-4.6 or 4.5 to 4.62. You could say thanks very much I will try elsewhere, and you would then see whether someone else might quote you, for example, 0.1p out one way. You might be lucky and find that another market maker might quote you 0.1p out in 400,000, so in effect his price is 4.49-4.61 in up to 400,000 irrespective of whether you were buying or selling, and you could decide to deal with that market maker. The first market maker was therefore not required to deal in the market size of 300,000 shares.

Hi Fred16. Good to meet up with you again.
The Uncrossing Trade at 16.35 involved only 100 shares and went through at 4.8p when the spread was 4.4-4.5. Very strange. Is someone expecting more news tonight in Australia or tomorrow morning in the UK?

Hi Rosewall.
Thank you for the information.
My Barclays Smart Investor account continued to show my Sirius shares until yesterday afternoon when they were suddenly removed and replaced by cash. At least X-O showed that they had received the cash but it was not yet available for reinvestment, and in my opinion that was the better customer friendly procedure.

dutch15
My post at 20.45 was sent before I had seen yours at 20.44.

dutch15
I have just realised that in order to buy Greatland into your 2020/21 ISA on Monday you need to have £20,000 in cash in the new ISA before you can do that. If it is possible for you to put £20,000 of other money into the ISA for Monday morning, and then repay yourself a few days later out of the cleared funds from the sale on Friday afternoon, then this would enable you to carry out the suggested transactions.

dutch15
Yes, if you haven't already exhausted your CGT exemption limit for 2019/20 then you should certainly sell enough, if not all, of your Greatland shares this week in order to use it up. If you are using HL for both the sale and the repurchase I would have expected them to allow you to sell at 4.29pm on Friday and to buy back into your 2020/21 ISA at 8.01 on Monday without the funds from the sale having been cleared. By doing this you are eliminating the risk of the share price rising between Thursday and the close of business on Friday (but obviously you cannot avoid the risk of an increase in the share price as a result of something happening over the weekend). I suggest that you discuss with HL tomorrow the feasibility of this course of action.

dutch15.
In your post at 19.27 you use the words "to re buy Monday". Are you talking about selling Greatland on Thursday in order to have the funds in place to be able to buy Greatland in a 2020/21 ISA on Monday? If so, unless it is important for you to create a capital gain or capital loss in the 2019/20 tax year you could "bed and ISA" the shares (up to £20,000 worth) through your broker on Monday. This would avoid the risk that you would otherwise be taking by selling on Thursday and hoping that the share price will not have risen by Monday.

Hi MFU.
Thank you for drawing that website to my attention.
Thank you also to dcgc.

Hi Old Rascal.
Thank you for your advice, but don't worry. I am prepared to take risks with part of my investment funds.
I accept that it was jonesrichard who drew my attention to Greatland, but I have been reading its chat board since then and I am happy to try to recover my Sirius losses via Greatland.
Catch up with me in a year's time and let us see whether 4.585p was a profitable entry point into Greatland.

The latest trades shown on my screen were timed at 3.08. At about 3.30 I bought 532,500 at 4.585 via Barclays Smart Investor. Can anyone confirm that that deal was shown as a buy?

My Barclays account has now been credited with the Sirius proceeds, so I have invested it all in Greatland Gold at 4.585p. At one point last week I could have bought Greatland at about 2.8p, but better late than never!

Hi Tuckupp.
Thank you for pointing out the distinction between cleared funds and funds that are available for reinvestment. I am still awaiting funds that are available for reinvestment.
Thank you also for all of the laughs that you have given us on a weekly basis.

Sorry - Cristoire.

Rosewall.
I have just registered a complaint with Barclays because they cannot yet tell me when the Sirius proceeds will be credited to my account as cleared funds.
When you said yesterday that "the money is there being cleared" did that mean that you were told that the money had been received but it was not yet cleared? If so, were you told when it would be cleared? Do you mind telling me who you are with?

Christoire.
I assume that HL told you yesterday that the Sirius funds had cleared and that they were available for you to invest immediately.

WanderinTsar - is your account a Barclays Smart Investor account? If so you are lucky - I am still waiting.

Just a short note to thank Gertfrobe and Fred16 for their company at the meetings in London on 3rd March. It is probably a good thing that we didn't win - it would have been impossible to raise the required funds now that the Stock Market has slumped. However there is a strong possibility that when we receive the proceeds of our Sirius shares we shall be able to invest at lower prices than existed on 3rd March. Good luck in the future.

I read a few days ago that if 100 or more shareholders fear that a vote has not been counted properly they can demand that an independent audit should be carried out, and the Company cannot refuse that demand. On that basis we ought to be able to receive confirmation that our own votes were definitely included, but that is only one side of the picture.

Hi Fred. Thank you for arranging that. I am staying at Travelodge 1-23 City Road, so I will see you at 10 o'clock.
While I was typing those few words I was phoned by Georgeson and I told the lady that I had instructed Barclays to vote against the resolutions for my 500,000 shares. At the meetings I will be holding a proxy for my wife's 25,578 shares, and I have just posted her proxy cards to Link.

Hi NewArrival - thanks for passing on their message. I phoned them a few days ago but they were not ready to take instructions.
I shall phone them on Monday and instruct them to vote No on my 500,000 shares.
My wife has 25,000 certificated shares and is giving me her proxy to vote No. I shall be attending the meetings on the 3rd March. On one of the motions I will have one vote, so I shall wield the same power as the one vote by HL or Barclays or any other institution. If enough certificated shareholders attend the meeting and vote No we could garner enough votes to defeat the motion where 75% of the number of shareholders need to vote in favour, and the number of shares they hold is irrelevant.