Member Info for Crocqman

A good news update and positive that Angus appear to be on track for delivery in Q4
Congrats to the new holders who bought in low. Hopefully, this rise will be sustained this time rather than dropping back like with the SF CPR news.
Don't forget this was over 1p for a few days only 5 weeks ago too
Still news flow on various fronts expected too in the coming weeks/months.
Will still not be getting carried away just yet though, still plenty to get done for SF to be considered a success,

gla

Just to add further, on the additional points made, I am not sure that the MM's need to report the other side of the trade to the market if they are the entity involved, at least not in line with trade reporting requirements under MiFID II.
This is why there is the mis-match seen (imo) when you look at the volumes.
The 'buy/sell' labelling is pointless as no one knows for certain if a trade is a buy or a sell as it is not required to be notified to the market of the trade. Sites like this like to show the expected direction, but other than a rough indicator it does seem to serve little purpose other than cause for complaints of people crying MM games', as SM rightly states if their buy is labelled a sell.
For dealers, FM's and brokers it is important to see volumes for order management purposes, but for me it is a useful indication of current sentiment, nothing more.

The directors will not have put their hand in their pockets to buy these small amounts in the market, they will most likely be an adjustment for any agreed share incentive plans, a common occurrence for any large listed company.
Same share class, yes, but they are handled differently as part of their overall remuneration packages. There will likely be restrictions as to how long they need to be held for for tax purposes.
I'm sure there are some posters on this board that can this explain better as I think there are differences between share incentive plans and share-save schemes, these probably relate to the former though

I see this as a good update given the current climate.
Management have taken a prudent approach to consider potential options for both the short term and long term, as you would expect.
There is always a cry of MM games, letting mates in, etc when a SP drops after any news, many seem to expect a SP to move only one way all the time.
Happy with the position I have built up here in the past week (despite the 300p average). A core holding for the long term.
gla

Hi hardup,
My thinking on this is that there will always be 2 sides to a trade, but the 'other' side of the trade may be a MM rather than that side of the trade being in the market.
So, rather than me selling to you, I am selling to a middle man, who may or may not want to pass them on at this time.
Perhaps for liquidity reasons, or to build up (or reduce) what they have to stabilise or regulate the market as part of their MM activities.
Not 100% certain of this, but there is not a buyer for every seller, and vice versa. Each side of any transaction is just a ''trade'.
I was told this was the way to view it. It does make a bit more sense (I think) when you look at it like this, especially when all 'trades' need to be reported to the market, and you always see this mis-match of 'buys' vs 'sells'.
A trade is not reported as a buy or sell, it is reported as a trade only, and sites like these use 'best efforts' to determine if it was likely to have been a buy or sell, but in fact, no one actually knows for certain.
Sorry for the long-winded reply. Hope it makes some sense

The pending results put directors/management into a closed period as they are aware of price sensitive information that has not been released to the market.
Management (and any connected persons) are in a closed period and cannot buy/sell until the results are released to the market.
I think some people are misunderstanding 'closed period'. It relates to directors/management and is nothing to do with releasing any other price sensitive information which must be released as soon as known.
The placing, despite the conditional shares has no impact (imo) on anything here, any/all shares in any placing will be available to trade as per placing documents which will outline the risks of participation.

I think too much is being read into this, personally, it all seems to have stemmed from a reply to a poster asking why no news.

True.
Apologies for hi-jacking the thread.
Many AIM companies seem to be poor when it comes to PR, communication and marketing.
They seem to see it as more of a secondary function when it can be just as important, if not more important as the main business operations at times, when done well

I am sketchy on the rules with conditional shares, but any material information must be disclosed to any/all placing participants, and announced to the market when the placing is made public.
Under MAR regulation.
My take is that at the point this has all happened, it is a new slate and any subsequent news is at the risk of any and all shareholders.
Not saying I am right, just that I don't believe there is a close period on news.
Poor conduct not to release news known at the time of the placing, yes, but part of the risks of investment, thereafter, and required practice to release price sensitive news as soon as known

Think the placing wording is probably fairly standard.
Not convinced of any news embargo, or closed period to be honest (other than for director dealings, perhaps).
I think the market still expects a price sensitive news release as soon as known and a suspension more likely in this type of scenario

There is likely something in the placing documents that outlines the scenario here.
I would have thought a share suspension would be more likely than an embargo on news for a level playing field.
Just thinking out loud.

ok. The primarybid website 'risk warnings' suggest the risks of participating in any placing, I think it is just part and parcel of the process and that no close period exists. Participants should be aware that significant risks may apply in participating.
Happy for someone to counter on this

Got it. Thanks.
I was looking at it from the point of view that any price sensitive info relating to the placing itself should now be in the public domain with the placing being public.

I get the delay on availability of the conditional placing shares, wasn't aware that this would also entail an embargo on any new price sensitive news. Not convinced this is the case, will check out the earlier post and look a bit further.
Thanks for the response

Sorry, that's what I meant.
Please can you expand on the close period reference, just trying to understand further.

banaman / red_hornet,

How is ITM in a closed period?
This only affects ability of management to buy/sell shares personally, no?
They still need to release price sensitive information as soon as it is known - are you referring to MAR requirements and the availability of placing shares for dealing and any embargo on placees? This would have been lifted with the RNS confirming the placement?

Apologies, may be talking at cross purposes, just trying to understand what you're referring to by the statement "The fact we’re in a closed period prevents AFC putting out market sensitive news". I don't believe there is any restriction currently.

tks in advance

OK,
The FAQ's say there are no fees, but there may be a price differential, although trades would be expected to be done in quick succession.
It's a pretty standard transaction to be fair.
Potentially a small change in shares bought back, but the FAQ's seems pretty useful in outlining everything

sharesport,
Don't have experience of bed and isa on any platform, but my understanding is that a buy and sell order will be placed simultaneously and potentially (depending on the platform provider) be executed either as a cross-trade (e.g. same buy and sell price), or negotiated with the broker as close to the mid-price as possible, so the price differential may not be too great.
I believe trading fee would still apply.
From what you have advised, it would appear to be done same day if requested within the required hours. I would expect you would see a warning note if there was a possibility that your instruction was late.

I could be wrong here as it is possible that cross-trades are no longer permitted.
Their FAQ's may explain it more

Thanks all for the info/feedback
It's a pretty basic service I use currently and only for UK shares, but it suited me while I was working and had less time to keep on top of my investments.
The ii site suggests a 4-6 week timeline for an ISA switch. It may be quicker, of course, and they say I can trade with my old provider, but it may just lengthen the transfer process.
Will have a look at AJ Bell and bestinvest for a comparison The ability to invest in investment trusts, ETF's and non-UK more appealing than just UK stocks too.
HL good for info imo, but not a fan of them per se
Trying to time any switch to a 4 week period when I will be away with minimal internet access, covid permitting, of course
good luck all and apologies for going off-topic

Exactly ocelot.
We had one poster here every day for months telling us that Cannacord was selling out 'asap' just like every other placing holder, and another telling us to expect a 10% RNS 'any time soon', and potentially a 20% or a full takeover by Cannacord.
Such polarising views with little or no evidence to support. So unusual for these boards ;-)

True f-j,
My provider only allows me to take dividends in cash and any corporate action events seem to get mailed only and always arrive after the deadline date. I guess you get what you pay for, which for me currently is not a lot!
Looking to move to ii, but wary of changing in the current market and potentially being 'out of the market' for around 4-6 weeks while the transfer goes through.
Has worked for me so far, but time for a change and making better use of available services and functionality on offer elsewhere

Yes, great volume already today.
Seems like the market is anticipating imminent news/activity.
Expect this BB will get busier in the coming days if this continues.
Can see the potential to hit 0.26 fairly quickly, but also wary of a spike.
All promising though and only £40 down here now too :-)
gla

This looks like it.
Mention on the index (P2) and then references to specific points from P23 to P30.
Hope the link works

https://gaming.nv.gov/modules/showdocument.aspx?documentid=16907