Member Info for chasf

"few" being the operative word (10230 in all). i left it there in the slight hope that someone might hit it before 5 but no such luck.

didn't do too badly to get a few at 1.81 when it hit my bid with 4 small buys in seconds just to be annoying

One strategy they might be using is to run the price down, gather some, work it up, dump that lot while holding the price, then repeat, but the spread has been so tight that I can't really trade the same swings safely (I really do want the shares in KEFI).

It's generally not the MMs doing it: this is a SETS share where the prices are set by a stack of orders bid and ask sides in an electronic book, matching bid and ask orders (those are the A trades). The bid price is just the price at the top of that stack, and the ask is the top of the other. (There's an electronic auction period at the start and end of the day, but that often doesn't do much either.) The MMs generally keep away from the action, further down in the book.

In short, some traders are setting things up, I think to force the price of O trades, which are off-book and (usually) with the MMs. There isn't a lot of volume in the book itself. From time to time I try trading in it, but it's hard work, and sometimes one of the bots insists on setting the price by jumping over anything I put in. So I've mainly left them to it.

As I said...

As far as I can tell, in the last few days, most of the (lack of) quality has been vague warnings and imprecations from people suddenly appearing who have no stake in the game: just kibitzing.

The obvious question is what *exactly* has been causing the apparent delays, but I suppose it's hard to answer precisely because it might upset one of the parties. Let's hope the elections go all right.

The AGM is still on the 30th. It's the quarterly Q&A webinar that's (still) on the 21st, same day as the elections.

"AGM brought forward 9 days early"? Really?

Oh for heaven's sake: if they had really needed to they could have done a placing by now.

No, that's in the circular section of the company website. Been there for days.

At least we're being tricked by trickery. I don't feel quite so bad now. As to the pension pot, it would seem to me that a good chunk of HA's pot is bound up in KEFI shares, so it's hard to see what's in it for him unless the company survives and prospers. I don't quite see how it works otherwise. Furthermore, some long-term actual investors are lending money *unsecured* to forestall a diluting placing to tide the company over until the deal's over the line. That suggests a non-trivial degree of trust in HA, doesn't it? If anyone's acting oddly in this, it's the EG Ministry.

Some craziness here today. This suggestion wasn't crazy but it made no sense:
"And the poker tell for me was HAA's unseemly scramble to line his pockets with hard cash....I think he knows his game may be up, and that he was manouevring to pad out his pension pot with the first tranche of £500k." If "his game is up" there's no "hard cash" for pocket-lining or anything else, and even the original conditions wouldn't allow pocketing anything until the deal was agreed, let alone the ones with the new SP constraint.

On the contrary, it's the sort of thing you'd put in place if you knew everything was about to go live.

I think HA will keep them, and next March, buy the first tranche of options.

The 5-day requirement in the revised arrangement does give the company's brokers some incentive finally to counter the constant playing with the book, and to forestall an attempt to smash the price down on any decent rise (as has happened).

I'm not sure I'd stay short now if I were them. Seems to be preparing a run-up today or tomorrow.

volume's low so the algobot is back at work, down to collect shares for its next run up, which shouldn't be long now. might bounce off 1.70-ish this time, maybe 1.65?

The AGM notice includes explanations of the various resolutions. Apart from routine admin under the Companies Act, they need to be authorised to issue shares, and for those share issues to be able to disregard any pre-emption rights.

I couldn't see it mentioned earlier (it might be buried in another thread), but kefi-minerals.com yesterday added a Q/A set about the replacement of Ausdrill by Corica, which might be of topical interest.

The money will surely be paid out in tranches (subject to a timetable and performance against that). No-ones going to say here's $320m, now off you pop and do let us know how things go!