Member Info for Cranleigh

Hello Scotty, glad you enjoyed the Surrey hills but no - I was “just visiting”! After career in Paris and Brussels, now live in Kent but contemplating a move to Harrogate.

Anyone thinking they may get close to or go over the Lifetime Allowance should IMO take professional advice before switching all their SXX investments (which we all hope and most expect will grow very substantially) from SIPP to ISA. While the tax for going over the LTA may appear punitive, for those looking to pass wealth down the generations it can prove efficient as SIPPs fall outside one's estate.

Mysotis, I agree your conclusion - 0.5% reportable threshold equates to the share entitlement of 36.1 bonds. As to how many holders have shorted below that threshold, the Euroclear data for loaned stock (which I understand derives from CREST) suggests that in April an average of 10.17% of our stock was lent out... towards twice the average level of declared shorts. So my guess would be almost all that difference between "total lent" and "declared short" is holders shorting less than 36 bonds. 36 bonds would have cost $7.2m back in Nov 16, and I would surmise there were a lot of takers for smaller parcels than that, including for a nice, round $5m.

�1 company that never filed accounts, only existed for 18 months, only 2 directors at time of dissolution residing in China and Canada, respectively. Most mysterious. Wonder if the WRES shares were somehow swifted out of the company before dissolution, or are now owned by Her Majesty. I personally wouldn't be hopeful of Companies House reinstating the company post-dissolution.

I didn't say the Euroclear figure was inflated, though I would be intrigued to know how they source it. As you say, it purports to be the total number of shares lent, irrespective of whether the borrower is above or below the 0.5% short declaration level. Assuming they are correct (and I would guess it's a point-of-time, month-end figure rather than a laborious average, then 10.7% end-April would be the equivalent of 772 bonds. Adding the 779 bonds already converted (and presumably associated short shares returned to lenders) gives us a total of 1,551 bonds, or 78% of shares associated with the CBs already "absorbed" by the market..... And only another 159m shares to be fed into the market.... and that's assuming no 85% clean-up call. From my understanding, only shorters with 0.5% or more are obliged to declare.

chilting, I feel from reading their introduction ("aggregated lending statistics") that the Euroclear data is the percentage of our stock lent out by shareholders. ShortTracker on the other hand reports declarable (ie 0.5% or more) short positions of parties that have, I would think in most cases, eg CB holders hedging, borrowed that stock and sold it. So two different things....but the big disparity between (roughly) 9% lent out and now under 5% declared short suggests to me that there is a lot of hedging by CB holders whose individual shorts are below that 0.5% declaration threshold. You can see some of it when ShortTracker reports a move by a fund from x% to above the 0.5% level, or from y% to below it....the values of x and y are reported. Just a glimpse of what is below the waterline.

Thanks for drawing attention to the nice website page on sales agreements, complete with handy links to relevant RNSs. Saw a very recent tweet on Poly4 testing on soyabean in Brazil...maybe we need a trusted local test to finalise a TorP in that target country?

Does anyone spot any press coverage? This seems too good a story for the papers to miss, and could attract new investors. Glad I’ve held my (to me) considerable stake through this bizarre, overdone trough.

Wow, Holycheese...another time traveller, hot on the heels of the one who knew in the morning about a large trade at 16h36 the same day! In my time zone, Q2 started a month ago....

I know the feeling - just don't mention that to your son, Fred!

Thank you, NoEasy and Mr M. A noodler, eh? I’ll take the Fifth on that!

Stock Exchange/FCA requirement at the end of any month in which new shares/voting rights have been issued, MrM.

Sounds as though the rearranging has already been done!

Scotty, if days like this bring out the lyrical in you and drive you to such celebration, whatever will �1+ bring? I shudder to think!

Per the RNS, Capital have dropped from 10.002% to 9.5464%. Their shares are reported as 447.7m, compared to 446.4m on the SXX website.

CGC haven't reduced the number of shares they own in us, it is just that their percentage interest has reduced due to the issue of shares on conversions of bonds.

Assuming required TorPs, HMT guarantee and an all-debt Stage 2, very much upward!

Without laying claim to being a “sage”, very near the bottom!

No idea, Stokey. I guess Morningstar somehow have access to data about II’s portfolios, as they show individual IIs’ holdings, and break down eg Capital’s holding into the various funds it manages. Reuter’s is just a single total figure for all IIs, and what’s more dropped about a month ago from c30% to c20% with no corresponding “3 month net change” figure.

Reuters currently have the II ownership at 20% and Morningstar at 22%....from my understanding, both excluding Nominees holding shares for PIs. Vanguard recently became our 3rd largest II at 2.6%, behind Capital and Jupiter. After them, you are down to holders of 1% or less, per Morningstar. I would think that after Stage 2 that could progress reasonably quickly to 30% or more, and perhaps 50%+ by the time the belts start running in the MTS.