Member Info for Corryvreckan1

Looks like a major contract rollover event or similar as there are highly elevated UTs across many companies at close today, followed by significant afterhours reporting, so not MKS specific.

The same thing happened back on 31st May and I never got to the bottom of it. There was no repeat in August so maybe it's a six-monthly thing, and the last trading day of this month coming up is US Thanksgiving so it's maybe been done a bit earlier (guessing a bit now)? It had no measurable impact on anything in May so don't expect any fireworks in the morning.

The notification of TVR on 17th Oct is correct. They formally cancelled 16,250,000 shares on the 18th Oct and the total shares in issue were then as stated in that RNS and confirmed to Companies House.

MW reduced to 0.48% last Thursday leaving just AQR as the only public disclosure at 0.8%. But I would not be surprised if MW stay around that level for now though, and GLG may still be at around 0.47% from May this year.

The private disclosure level is 0.1% in the EU and 0.2% in the UK (to the FCA, since Feb this year) so notifications above these levels available to the relevant subscription services, which will probably be included in most Level 3 access.

Denmark have an interesting hybrid reporting system which, in addition to individual net shorts above 0.5%, also disclose the total aggregate of all net shorts notified above 0.1%. I haven't seen an equivalent system for the UK or EU wide though.

See under 'Statistics and extraction' menu here for example:

https://oam.finanstilsynet.dk/#!/

It's effectively just a rebrand as Blacks and Go Outdoors are both already owned by JD. Looks like Go Outdoors aiming to become the dominant brand across the UK next year.

Tomorrow's Q3 update listed in calendar here:

https://www.jdplc.com/investor-relations/financial-calendar/

Date was also noted in the Interim results RNS so it's defo happening. They've not done a Q3 in previous years but their updates are normally quite detailed so looking for tomorrow to be the same.

Ha! Snap.

Cool, and section 13.6 is quite interesting as well...

Tricky, apologies I didn’t see your earlier post when typing mine.

I think there is a separate issue here as well but I need to research it a bit more. From ATM’s Articles of Incorporation:

“13.3 For the purposes of the incorporation by reference of DTR5 into these Articles and the application of DTR5 to the Company and each Member, the Company shall (for the purposes of this Article 13 only) be deemed to be an "issuer", as such term is defined in DTR5 (and not, for the avoidance of doubt, a "non-UK issuer", as such term in defined in DTR5).”

so it looks like it should be 3% +/- 1% that applies and maybe some TR-1 shareholders don't realise and just assume that a Guernsey incorporation means non-UK? I therefore think section 1 on these forms is being completely incorrectly by more than just Canaccord, and if they are then ATM should be rejecting them and asking for correction, IMO. Still need to check more on that though.

Faramog - the AIM rules that apply to ATM are as stated in the FCA Handbook, DTR 5. The whole point of those regs is that you DO have to be transparent and tell the market when you cross thresholds of voting rights %. If you have not crossed until the day you finish then yes that would be when you issue a TR-1, but that’s not the same thing as ONLY doing so on completion.

You can still continue to buy/sell after crossing a threshold and reporting it, a TR-1 does not mean that you are finished. You are not disclosing the size of the whole order in advance, just reporting at each point you cross a threshold on the way down (or up), at whatever time that may be. And if you are drip feeding your sells then the MMs don’t know your full intention anyway.

I’m going to believe the FCA rules that apply, unless anyone on here can give a reference/link to anything that says otherwise. Just because random posters on these forums have made claims about something in the past doesn’t make it true - particularly when not backed up with official sources - very often the opposite as I’m sure we all know just by reading these forums ;o)

Faramog - question about your first paragraph at 10:41 below, specifically "no reporting takes place until completion". Can you reference where that is from please? That's not my reading of DTR 5 but I may have missed something there. If they are selling and cross under a reporting % threshold prior to full completion of their order then I would still expect a TR-1 at that point as they will no longer hold the voting rights, not just at the end?

Thanks, Corry

Amendment, for clarity - they may also have been acquiring some of their own shares on Monday, but we will never know that specifically and the total volumes on Monday were nowhere near enough for it to be a significant portion of their 5.4m total shares. TR-1s are for crossing a reporting threshold at a point in time, not a record of trading all of their holding on that day.

It's only 580,474 shares; 0.497% (per Section 10) that are directly relevant for this TR-1. By transferring those proxy votes in they have crossed over the 5% reporting threshold (for investment firms) so they already had a holding c.4.7% prior to that (acquired at any time in the past). Those proxy transfers were not open market purchases so had no effect on the SP. They will be returned to the proxy giver on 5th December after Ameriprise have voted and they will then issue another Tr-1 showing that they have fallen back below 5% again. That is all that this form means.

All you ever wanted to know about this (yes you did, you know you did ;o) direct from the FCA here. Warning - this link will automatically download/open a pdf on your device:

https://www.fca.org.uk/publication/ukla/tn-543-3.pdf

They are currently at 82% and the run rate indicates completion sometime around first week in December.

They could start the next tranche soon after, although perhaps more likely to wait and announce that with the FY results on 13th Feb? Would expect that one to be around £1.2-1.5bn in total if they wait until Feb.

Yeah, with the complete disconnect shown in the results of the mix & match elections I too thought there would be more selling but off to a slow start. I wonder if the initial positive reaction to GTE Q3 results on 4th Nov has maybe got folk thinking they might hold off for a recovery and higher rate? It's drifted back since then though and if sentiment turns then there could still be a sell off; the spread not really encouraging much buying.

The GTE shares were applied to broker accounts last week. Some brokers like ii are offering LSE dealing online, others need a phone call to trade them in USD which maybe seems to have got a better rate.

On the GTE trades page all the round number and 2dp trades (c.460-530p) are direct GBP trades on the LSE (marked GBX there). The trades to 3/4/5dp marked 'unknown' are all USD trades converted at Cable by this website, including some of those traded by phone. These type of trades have always gone through from time to time even before the acquisition.

They are allowed to buy back up to 75.8m shares, it was approved under Resolution 19 at the AGM last February and will be renewable in next year's AGM notice as well.

They do still have to notify in advance if they are planning to do so and the FY results is a common place for companies to make any announcement on that, often followed by a separate RNS detailing the terms and notifying the first day of the scheme.

Directors provided some commentary around buy backs in the AGM notice which is worth reading, pdf download available here:

https://corporate.easyjet.com/investors/shareholder-services/shareholder-meetings/default.aspx

List2309 – the 3.92% was not based on the recent TVR, it’s the “Position of previous notification (if applicable)”. The previous (and only) notification by CPH2 was this one after the December 2022 placing they took part in:

https://www.lse.co.uk/rns/ATOM/holdings-in-company-1zwnzczo2p4m87q.html

At that time there were 36,020,553 shares in issue, hence 3.92% for the 1,412,429 shares they took.

That is the same number of shares stated in Section 8 of Thursday’s RNS. The sole reason for the drop in % is due to several placings since Dec 2022 that have reduced their holding % because they didn’t take part in any of those. The most recent placing admitted to trading on 2nd Oct pushed CPH2’s holding below the reportable threshold of 3% for the first time, hence they have to issue a TR-1 to notify under the FCA rules. There has been no change to the number of shares they hold.

It is late, I believe they should have submitted that to Atome within 2 days of crossing under the threshold on 2nd October, but it’s not uncommon for companies to miss these things and then get picked up during some internal housekeeping at the next month end.

That’s not to say CPH2 haven’t sold any since 2nd October, and as you note they will never need to report that now if they did, but I think it unlikely given their ongoing connection to Atome and the future potential through their joint associations with Molecular Energies. There are many other reasons for the drop in the SP over the last month or so.

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There is a separate problem with how CPH2 (and also Molecular Energies and Peter Levine) fill in these shareholder forms as they don’t complete Section 7 correctly. The number of shares they hold should be included in the column on the right hand side of that section, clearly headed up “Total number of shares outstanding held in issuer”, not just repeating the % from the column beside it. I suspect it is the same ‘secretarial’ service that is completing all the forms for those entities. Schroders are doing it right and Atome should have picked up on that and returned the form to CPH2 for correction.

CPH2 haven't sold any of the 1,412,429 shares that they first took in a placing in December 2022, it's only the % holding part that has changed.

Result from the Mix & Match (31st Oct RNS) if you requested all cash, after scaling back: “In respect of Scheme Shares for which a valid Election has been made for more cash, Scheme Shareholders will receive 10.536460 pence in cash per Scheme Share and 0.004672 of a new Gran Tierra share per Scheme Share.”

You then need to round down the total shares due to the nearest whole number as any fraction of a GTE share in the above calc would likely be lost as below £5 in value, the amount lost being retained by GTE (per Scheme Doc).

For the cash settlement: “In each case settlement of consideration will occur as soon as practicable and in any event not later than 14 days after the date of this announcement, being 14 November 2024.”

It is possible that ii help desk read that and then stated the 14th as fact rather than deadline (they have previous with that kind of thing). If Fidelity have credited the cash element to accounts on Friday then other Brokers should have received the cash already as well, just need to get it reconciled and paid out.

Dividend payment date is “by 13 November” so Wednesday latest.

You could be right, Jmort, activity picking up this morning and Bids going through in the 480s now. 422 yesterday didn't last long and was lifted just after a few USD trades appeared again.

https://www.lse.co.uk/ShareTrades.html?shareprice=GTE&share=Gran-Tierra

Volumes still low though, if the market gets swamped over a couple of days it may have to fall short term, but being helped by the upward response to GTE update on Monday.