Member Info for Daytrader17

Reuters reports seeing documents filed on 22 February, where the firm's CEO Robert Hain is quoted as saying the firm "is or is likely to become unable to pay its debts".

However, Reuters also reports the CEO said in an email on Wednesday: "City Financial is not in administration...We are working with an advisory firm to review the options available to the business."

In December, Reuters reported that the firm and the CIO of its Decca fund has decided to close its credit strategy.

The firm's AUM had dropped to $1.2bn (£904m) by the end of 2018 from $3.3bn 12 months earlier, after it suffered losses from an investment call made during volatile market conditions.

Also at the end of last year, the firm completed a restructuring of its business, including closing its New York office, and was looking to sell off its long/short equity strategy, PivotBase.

According to Hain, City Financial has filed a "notice of intention to appoint administrators" as a protective measure, while the board reviews its options. This notice prevents a third party from commencing or continuing legal action.

William Cudmore at Farrer & Co, the solicitor named as a witness in the documents, declined to comment when asked by Reuters.

If my maths is right, City Financial hold around 10.6 million shares. That coupled with Canaccords 32 odd million shares, we could be in for a sh!t show if both unload. A strong buyer needs to come in to play.

Disappointing to see it drop again. Let's hope they haven't pulled the wool over our eyes. No pun intended!

The fact that Canaccord are unloading doesn't help any rise. Who knows what their strategy is. Wish I knew!

It will be interesting to see how much profit has been generated as they mentioned in the December update. In my opinion the price is still way too low. Will be looking to pick up more shares shortly.

Possibly next week going off previous two years. Around 7th,8th March.

Hi QuickQuck, it's the final results due in March not half year. I have emailed Bagir investor relations for the actual date of results.

It doesn't take much to make this move. Small float.

Good to see blue today.

If anyone is under any doubt about the progress the company is making then you should go over the interim results posted in Sept 2018. They're cutting costs and making savings all over the business. Large order volume's from USA. Of course they will incur costs for recruitment / training, that's part of expansion and it is reassuring to read.

If Canaccord want to unload their entire holdings then so be it. It just makes for an even better price to load up.

I look forward to the next results in March and then the Shangdong Ruyi's deal to complete.

Still extremely undervalued! Just look at the fundamentals.

Your purchase of shares at 08:12 is now listed but showing as sell.

Anything under 2 is a bargain. The market cap and cash injection says it all.

Very difficult to buy in size. Clearly the market has woken up to how big this company can be! Market cap is so low at the moment.

Thanks for that Kitlow. It makes much more sense now.

Could someone explain the latest Woodford holding RNS. Have they now reduced their holding from the 19% they had? Sorry just keep reading it and can't make sense of it. Many thanks.

That's what I said earlier Corkey. Makes you wonder...

Anyone notice the £12k buy around 11am this morning? The update came out at 12:30....If that's not someone with inside information I don't know what!

I'd imagine shorts are closing. Tried to open a short on bell this morning to recoup my losses but IG wouldn't open one.

Anyone noticed the position that has been taken up?