Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.
Self-reported breach of CMA rules gets no slap on the wrist. Slow but seemingly steady rise continues.
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1093067/Metro_Bank_Part_7_Letter.pdf
Thanks. It's quite amazing that Spain, which is in the EU but doesn't have oil, can reduce bills by 40%. We are not in the EU and do have oil but we can't.
Good for WRES I hope.
Yuri, my understanding is all the forms are a requirement of the Takeover Code
8.3 forms are by "Exempt Principal Traders" aka Market Makers
8.5 forms are for anyone with more than 1% of issued shares buying or selling
For me it's the 8.5's that are most interesting. Spaldy/Bacal now has 9%. If he goes above 10% and makes an offer, it needs to be at the highest price paid in the preceding 12months (about £1.50). We know Goldman Sachs was buying on his behalf a while back. Maybe the 8.3 RNS is him coming clean on his holding or maybe there is more to come.
So I am convinced the minimum offer price will be about £1.50. Doubtless my simple understanding will be proved naive as the SP should be at £1.50 already.
https://www.thetakeoverpanel.org.uk/the-code/download-code
Papucel, I have often not been able to buy Metro due to lack of availability on the market. I know there are ways I could re-jig my IG preferences etc but I have always had the feeling that off book trades and Algo trades were being made by folk who were much smarter than me.
The backdrop strory a while back for keeping the SP low was an aquisition strategy for Bacal as the Takeover Code says "When a person or group acquires interests in shares carrying 30% or more of the voting rights of a company, they must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced". Maybe Carlyle aren't already shareholders so this rule presumably doesn't apply. But, in practice I think it will. Dan himself has links to Carlyle. Anyway 12mth high is now only about £1.50 (as I and other longer holders painfully know) and there are quite large shareholders who might not want to sell at peanuts below what they could offer for the whole company.
So I see £1.50 as a minimum. £5.00 as an absolute maximum being the levelof the cash call a while back.
Just my take, not advice and I would welcome any informed response.
I closed a lot of positions on the recent way up. Now I'm having trouble buying in again lower. I know its about part fills, etc ... just saying the antics are back.
I survived to sub 90. Now I've banked some profits, I am happy to go down again and replenish. Nice little skirmish at the close which I need to cover financing my margin.
Papucel, thank you. Just realised that I moved into profit on MTRO today.
I did lose a lot on the drop when I thought a fully subscribed 500p rights issue was the bottom. But I made nearly it all back just piggy-backing the ups and downs. So I think my small paper profit is real so a momentous day for me.
After desolation I started buying again at 61.9. I was digging deep and I worry that a lot of folk might have lost everything as I nearly did.
Thanks for the pointer. Here's the link.
https://twitter.com/AlignResearch/status/1444912752334680064?s=20
Papucel, the established wisdom about a year ago was that GS was buying for Bacal. The storyline was he was acquiring through agents to keep his head below the parapet until he could openly achieve 30% of shares. Then the LSE rules demand he offers to buy the rest at the highest price in the preceding 12 months. He's still got to end Jan to stay below £2.00.
Like you I am bamboozled about SP movements. I have long since stopped caring. I think it has to do with Algos and off-book trades being made within the spread... left hand buying from right hand so no real change. But there will be a buy/sell classification depending on whether the transaction was nearer the bid or offer price. Still doesn't explain an SP going down when most trades are buys so I clearly have no clue.
But I am convinced manipulation is for a reason. Shorting obviously gave Odey et al huge profits but that game is over. Now it's milking us again on the way up (I'm already regretting selling 20k this morning at 115.4 and 116.1)
My daftness survives as I still think there will be a Bacal offer before January. Same as I thought last January so you know I am usually wrong.
Got a £10k order filled at 108 for the first time in days. Closed at a bit over 109 as I've plenty more positions. (I've been constantly buying the dips and selling quick to benefit from the manipulation). In Matlot speak "many a mickle macks a muckle".
I don't know if this is really the start of an onwards march but it feels like it. If not, I'll keep on grabbing bites.
I was hoping Matlot (fount of all wisdom) would tell us how an SP can fall while buy orders are unfilled but that's more in hope than expectation now.
BS. If the key SP is the highest in the previous 12 months, I still don't know why you go on about the 52wk average.
That's a totally different thing and irrelevant to the 30% rule. Are you really misunderstanding or am I? Not like you to be obtuse.
I didn't say "takeover", just that someone might go over 30%. There have been accumulations by connected parties .... e.g GS for Bacal. And the shorters have already made their profits. So why persevere?
I think Matlot has gone off with 10% up his jumper in a deal with BS who has 10% down his trousers.
BS/Cud, as you haven't answered, I had to google to find: "When a person or group acquires interests in shares carrying 30% or more of the voting rights of a company, they must make a cash offer to all other shareholders at the highest price paid in the 12 months before the offer was announced" . Not hard to see that makes 24/2 not just key as regards results.
BS/Cud ... Think I wasn't paying attention when the buyout possibility was discussed before.
1) I thought any offer had to be at >highest 12mth price. Not the 52wk average. Which is it?
2) You seem to be seeing it as obligatory to accept such an offer. Is that because it would de-list or what?
Sorry if I should know.
Btw BS, when I lost my shirt back in 2008 I realised all my trades would have been in profit if I could have held out longer. So I have a "deep pocket" mentality to ride losses if I am certain enough of eventual gains. Its got me back to just over £110k equity at about 50% mgn. So I think I can ride out this month at least!
Barney, what problem did you have trying to buy? I could only get a partial fill at 142.3 at about 15.00. So placed another order at 141.5 which didn't even partially fill. That could just be a spread issue but still, seems its hard to buy.
Last time I thought that was a good sign Matlot disillusioned me saying it just showed the shorters had control and we would see a drop. Which we did (smartass).
Of course I have really no idea but we might be ripe for a repeat routine. Certainly feels like the SP is being controlled. I think till the results on 24th and that is also the date any >30% holder can offer a buyout at the YTD best price. At least that is now £1.60 ish so a definite hold regardless and buy into any drops.
Am I sure there was chat last year about the GS mysterious investment/mistake that was to do with their client Bacal building a position. The anniversary approaches which I think lets a 30% plus holder offer £2ish to everyone else.
Having lost £19k, partly from taking the GS purchase at face value, I have a keen interest.
Not sure what Theo has got against "the Reddit brigades antics". I am very sure that other folk's antics were the cause of my losses. So just fair play and I hope to recover. (no way will I sell now).
BS. There may indeed be a bit of wishful thinking going on based on what happened with Gamestop where Melvin Capitals's short positions were squeezed by an onslaught of retail chancers. I confess to wishing it happen while not expecting it to.
Still, sharing +ve or -ve views on Twitter/social media is no different in principle from this chat site. TBH I hope Twitter doesn't suddenly get invaded by retail rampers, it's bad enough with all the political nonsense now, but I would support a platform that does a better job of letting folk share views than this site or ADVFN. I do feel that I have been a victim of the big guys.
More specifically, there has been on/off discussion about the 30% rule. The implication being that someone potentially breaching that threshold would want the SP held as low as poss for the year preceding. My conspiracy theory is entirely courtesy of posters on this board so not so solid ground but would make 24th Feb a key date when SP tanked below £2. Long term I agree with you, but short term don't you think there will be some unleashing?