Member Info for chasf

The Conditional part of the placing might be more secure, being slightly riskier to trade in advance because there's a slight chance it won't go through (hello, Afren!) and then there's the mother of all shorts for forward-sellers until the advisors work out a wheeze. Although looking back, last time it didn't really recover after that until the recent pump for this placing!

I note that 237m were traded on the day of the announcement of the first issue of 550m, the 20th, and then 134m and 152m on two days a week later (correct for a T+2 for admission on 25th by those who lacked the ability to forward sell), making about 559m, which could well be just a coincidence.

I assume they're trying to ensure the last batch is out of the way before the next lot arrives. I suppose the Conditional ones are less likely to be flipped although again I'm not sure I saw much difference last time. Admittedly, I'm not sure why they're conditional this time (last time it involved issue to insiders and closely-connected people), but perhaps there's a share cap as well.

As to the warrants producing enough funds, that's conditional on the SP keeping the trigger level for long enough (be interesting to see how they avoid the sudden drop on the 4th day, since it's not an MM share), and the trigger arriving in time to be useful for TKGM funding. What's that deadline?

"Todays sales" are the typical result of a placing, very much like last time, but thoughtfully extended by having both Firm and Conditional parts, again, because the "sticky fingers" are as slippery as in any other placing (I don't see a difference). The next wad will officially hit after the 17th, so it's going to be a little while before things get back to normal trading.

I'd be happier if the TK-related parts in the RNS weren't a little languid, but it's a Saudi update so perhaps more later.

"Sticky fingers" or butterfingers?

To be fair, since they ought to have been able to dump it at a premium to 0.80 there might not be the dive to 0.65 to create a margin that plagued the last one.

I'm afraid it's the usual crud that AIM CEOs spout to avoid admitting publicly that of course most of the stuff was dumped (also, "it was oversubscribed we're so popular").

"But it appears that the latest issue is in sticky hands."

Compare the share register after tomorrow to the subscription list. Also look at the volume on the 20th.

Yesterday's?

They're still counting their warrants

I'm a bit ticked off that they followed the model of the last one, which was carefully structured so the principals do not see the effects of dilution themselves, thanks to the structure of the conditional placing and warrants.

It might explain TWs slightly weary tone explaining why he hadn't watched the webinar.

"quick 'investors'" indeed

Roach 2

That increase in volume in the actual book is good to see by the way. A sluggish L2 is poor for trading.

That's a seriously chunky SETS trade for this share, too! Hardly ever see even 1m on a given price point.

11-Apr-22 14:53:12 1.20 8,833,400 Buy* 106.00k A

The A at the end tells you that it was a SETS trade in the electronic book. There was for an instant 8m on the ask at 1.2 and 8m on the bid at 1.2 and the exchange matched them. No way to say which arrived first unless watching the stacks at the time. But it was a strict trade: a buyer matched with a seller. No MM intermediary. (I'm glossing over other ways the pricing and volume could have been specified in practice in the underlying direct market access requests, but in the end the exchange computer reduces those to what I said.)

Since it was an A trade, it was both a buy and a sell, in other words a strict trade: the electronic book matched a buyer and a seller at that price and volume. This is SETS, not an MM-managed share. The O trades by contrast are "off-book" and often involve another party (eg, broker or MM).

We'll also know (nearly) when it happens, because the each batch of conversions must be RNSd, as a share issue.

I expect many warrant holders to hold the resulting shares