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Nobody KNOWS how the share price will react when the RI is fully complete, but sensible people (and despite the evidence of this board they are in the majority among RR shareholders) representing the major institutions probably hold in excess of 60% of RR shares. My FT screen shows over 40% in the hands of the top ten holders and we know that GS and Capital (some of whose staff I met at a conference in LA last year and I know they are pretty competent) have recently accumulated almost 20% between them.
It is therefore reasonable to assume that the bulk of the RI will be taken up by the major holders and they do not expect a quick profit by "flipping" rights shares bought at 32p. AS Poleaxe to his eternal credit, and with far more patience than I could muster has been repeatedly stressing , there is NO quick profit in selling on the rights in the short term.
As a holder with a Buffet-like approach , ie always plan to hold for eternity, I don't expect that the "new shares" will cause a flood of selling on the 12th . After all news of the rights issue has been floating around now for several months and the effect on the SP has been sharply positive, remember the current SP is equivalent to a doubling of the price through April to September, I don't see why that positivity should dissipate unless some other skeleton crawls out of the closet.

Oman search here;
https://www.londonstockexchange.com/stock/SONC/hipgnosis-songs-fund-limited/company-page
at the bottom of the page are SE news releases look for director holdings in the title.

GL

Oracle....... the ability to foretell the past!

It will take some one with much more expertise than me to understand the relationship between the two companies OCDo have announced as acquisitions today , BUT on the face of it this could be explained as

A "bolt-on" set of tools and techniques to the existing OCDO system,
A defence in case of losing the patent dispute,
A deliberate attempt to muddy the waters of that dispute, or
A timely means of enhancing their existing and future robotics capability.

I wonder which , or how many, of these it turns out to be?

Worth remembering that Chilting identified that Autostore are now owned by a US private equity group who , I suspect, see an opportunity to , at least, be bought off, or maybe to screw over OCDO while shorting the SP , though that last thought is merely conjecture!

I posted here on the 26th setting out the basis on which patent disputes are dealt with. Here is a little more background. In England and wales patent disputes are held in the patents court and normally take about a year to be brought forward AFTER FILING . So far as I am aware no filing has yet taken place. Depending on the complexity of the case a further few months may pass before a judgement is delivered. In these Covid times i suspect that unless and out of court settlement is made we are talking resolution in 2022 at the earliest.
Judgements can vary but are most likely to result in a fine on the infringer if the case is proven, at the extreme that may be a sum equivalent to several times the cost to the patent owner from loss of anticipated revenue. In this case that MIGHT amount to many millions if the claimant can prove that they would otherwise have earned large revenues , though it seems that Ocado would argue that use the technology in dispute as only a(small) part of their solution. At worst I guess that OCDO might be on the hook for few hundred million. In the grand scheme of things I think that may be a small price to pay. The likelihood of OCDO being forbidden to use elements of the tech. in dispute is both small and damaging to both parties in the case.
I am not holding and unlike some I am not subject to the tyranny of round numbers as an entry point, so i may well start to re-enter in stages over the next few weeks absent any further revelations.
Anyone who wants to read further can consult
https://uk.practicallaw.thomsonreuters.com/3-623-0277?transitionType=Default&contextData=(sc.Default)&firstPage=true

Its RRN for the nil paids and RRF for the fully paid

'cos I intend to fill it with facts!
First, the Goldman notifications are required once you cross a threshold for value of holdings, so expect to see one every day , incidentally they are still marginally increasing their holding.
Second, I said in a post early yesterday that the SP action will be much more volatile as the SP movements are magnified by the fact that each share is essentially One share plus a fixed price option on 3.33 more shares. See my 6.52 post yesterday morning for a possible explanation of the SP action.
Third, from the last half year report it is clear that civil aviation is slightly less than half of RR's business, the rest is power systems, defence and ITP aero all of which are trading normally.
Fourth, the losses reported were largely made up of a ONE -OFF adjustment to their $:£ hedge book which cost them £2.6 billion , the operating loss for the half year was £1.7bn , a figure which will be markedly lower in this half because of actions taken.
Fifth, on that basis, after the RI and loans are completed RR will have about two years of funding to ride out Covid and reduce costs .
Sixth, They don't make CARS

Scroll back for my post at 6.52 this morning .

Despite the fine words the RNS IS describing a sacking.

Pole, maybe, but two points , first I don't know how liquid the market in RRN might be and second would buying pressure on RRN automatically drive the price of RR up ?
Woke up this morning with my theory floating round in my head and still working it through, but thanks again for the useful responses, and while I'm being nice to you , I award you this boards monthly prize for perseverance in trying to explain to the uninitiated!

Mag write out 100 times
ROLLS DO NOT MAKE CARS

Poleaxe , thanks for the thoughtful reply . You are of course right that the profit is not 400+%, though both you and I have mentioned here that the cost of the rights includes the imputed loss on the original shares I had omitted it from my early morning cogitations.it is also true that exiting the position is tricky , but perhaps if what I proposed is going on, the originator(s) are relying on the herd instinct , drive the price up by well-timed and managed buying , stimulate a response from the market and gradually exit while the rest of the herd careers onwards and upwards. The markets tendency to over react has been apparent through much of this year, so perhaps we might see that Goldma...... sorry an unnamed US investment bank have already sold a few shares , and will continue to drip them away both before and after conversion. Maybe the shorters were in part right, but as ever its timing that counts.

I've been trying to work out what happened yesterday and more importantly why .I 've been investing in the markets for a loooong time and cannot ever recall a FTSE 100 share acting in that way . So I' ve been seeking to analyse it and here's what I think .
ALL holders who bought before the deadline now hold assets which are effectively one share at market price and an associated call option on 3.33 shares at 32p.At yesterday mornings open each share was worth about 75p and each right about 75-32, say 43p but as the SP rose , for each 1p rise, your assets rise by1p per share and ~1p for each associated right ie the package of( one share plus the associated 3.33 rights) goes up by 4.33p.
Lets assume I am a nameless very large US investment bank with several percent of RR's entire share capital and I have enough cash to move the market. I start steadily buying , knowing that for every penny upwards I can move the market , I am increasing the value of my assets by 4.33p.An outlay of a few million ,brings a potential 433% return, if I can manage the exit . The next few days RNS's will be interesting.
I keep assuming there must be a flaw in the logic above because after all RI's are not uncommon and none , in my memory have acted like this , but maybe it is the high discount and the 10 for 3 ratio which creates a very highly geared play and makes the trade I have outlined possible and profitable.
If my theory holds, it means two things one the price action is going to continue to be wild for the next two weeks and two we have the makings of a disorderly market in RR shares.
Still doubtful that I am missing something obvious , I would welcome comment, criticism or clarification.

Addendum people should recognise that leveraged shorts are a synthetic construct designed by those who offer them to make money , BUT NOT FOR PUNTERS.

Wile not really as shorting is not my thing , but the components of the fall are the direct effect of the Notional RR rise today ie the AERP , that is the Actual ex rights price which was approx. 75p at the open so the SP is up around 13-14% and thus 3SRR is down 3x that, ie around 40-42% , plus the effects of compounding which I don't really understand but is described in my source as "negatively impacting returns when the markets are more volatile" and today surely qualifies!

TBH leveraged shorts are for gamblers not investors and for gamblers with a maths doctorate , I hazard a guess than few here are that qualified.

3SRR seems Ok to me, it is showing down ~70% that's 3x the notional rise in RR today plus the effect of compounding and decay , but you all know that don't you!

helen You can sell today (if you're quick) the rights were granted between close of play yesterday and open this morning , they are yours now.

Mag .. First rule of trolling - remember your last post.

Saife Ratty is our resident expert on shorts he'll be along shortly to make it all clear to you!