Member Info for Couerdelion

Different rules for different investors. The active funds will have their own rules (eg might allow small exemptions for non-qualifying investments) but I think generally you can't invest new money in something that is not in the investment space you are targeting but sometimes you have some leeway to keep "formerly qualifying" ones. That's a roundabout way of saying the FTSE 250 investment funds will have to wait till it is listed on the main market.

For funds that have much fewer restrictions, I think you are right that this would look for opportunities and arguably they would be looking to buy in before the main listing. But they don't want to buy until the large number of IHT funds or PI's are sold down otherwise they will be paying more than they need to. They will wait for any overhang in sales to drop as a sign that the price is as good as it can get before moving in after which I guess the SP will run on momentum for a short while before the tracker funds arrive following the listing.

This, btw, is a lot of speculation on my part. But the recent trading suggests we might be starting on the upswing.

It was more a case of highlighting other factors that move prices. The Trump induced market slump was timed perfectly in this case and if it had come a week earlier, you'd have been buying before the dividend date. The general fluctuations in the market usually give us peaks and dips so all you're really doing is trying to find a local peak before the dividend and a local trough after.

It's basically trading but with a large dividend like LGEN, the dealing costs are less of a problem.

You forget that the price dropped below 500 on 07/04. Anyone selling before the dividend would have been able to buy back 115% of their shares on that day.

To me this looks pretty solid but I don't follow SALT closely so don't know what expectations were. Any thoughts or do I wait for Simon Thompson to write his article later.

The results of the tender offer will be announced tomorrow morning at which point those tendering will find out how many of their shares will be bought for 19p each.

For LDG, around 110m shares will be cancelled and cash will reduce by £21m.

That's why we need to understand the bidding process. For example, if there were a third party who outbid CTL for the licence, they would still have to buy the rights from CTL.

Given the news I was looking for a cheap entry point today but the market seems to be holding up better than I had expected.

Well until we see the offer, we won't know. Meanwhile, today is just one to watch the SP steadily rise.

Unless I'm mistaken, shares now should be trading on a post-tender trading basis even though we won't see the results of the tender process until tomorrow.

Well that clarifies things. The "as was" in the article looks to be a mistranslation.

We probably could do with some sort of explanation what the short public tender process involves.

We may get the RNS tomorrow but no sure it will answer all the questions. For CTL this is going to be the details of the response from the ministry on the application and that may be immediately forthcoming.

It'll be a little more complex than that if the proposal comprises loan notes. The offer made up of a nominal value of notes plus an interest rate so the dividend stream from Anexo will be replaced by an series of interest payments from NewCo. You could perhaps factor in the improved security as loans rank higher than equity but the devil will be in the detail for how NewCo is set up and who runs it.

In this respect, having three different investors works in our favour. Do we know the relationship between the three buyers?

...or rather confirmation that an offer is being considered. They have another 4 weeks to decide if they will make an offer.

Not too sure that I want to be sitting on a bunch of loan notes but will wait to see what is offered.

Did Daniel have any views on the Waste Rock?

Same here. Not all that worried about buying back and I have no doubt there will be opportunities to get them cheaper later. But overall, my holdings here will have been purchased for a 10% dividend yield which is a lot more than I had originally targeted.

If Trump does succeeds in replacing Powell, my guess is that there will be a larger exodus from bonds which would lead to higher interest rates. The Federal Reserve may then have to support the bond market through QE while the economy has to find a route through the stagflationary spiral. All this to keep alive the ego of a very silly man.

GSK should be among the beneficiaries of any general brain drain.

You'll have to tell me what time periods where you've seen any gradual increases. For clarity, I was only talking about the rate at which this SP increases,

09/01 to 21/01 - Increased from 3.35 to 4.90 in less than 2 weeks

06/11 t0 11/11 - 4.48 to 5.7

27/03 to 20/05 - 5.3 to 8.66

Going further back, most of the upwards movements in the SP have been steep gradients.

That should have read have read rather not of ;-)

Given the history of the JLP share price, it's odd you suggest that any SP rise will be gradual. Limited as my experience may be, it has only ever surged upwards.

It's fairly normal for the CFO here to own lots of shares in addition to having a large part of remuneration in the form of shares.

Picked an excellent time to buy though so was probably an easy call to make.

Nothing to do with TEK or Guident but the Brightline trains are US highspeed train links in Florida (another is due in California). They have a maximum speed of 125mph which gives some indication of how advanced the rail technology is in the US.

From today, just next to the station you can get a bus into town without a driver. I'm now intrigued to know how they ensure that you've paid to travel.