RE: 20% Spread??11 Jun 2026 10:10
Recent examples of shares hitting the market having ZERO impact negatively.
1. Yellow Cake plc (LSE: YCA) – Accelerated Bookbuild & Physical Settlement [3, 4]
* The Date: February 2026. [5]
* The Action: Yellow Cake (a specialist company holding physical uranium) launched an [Accelerated Bookbuild (ABB) placing](https://www.investegate.co.uk/announcement/rns/yellow-cake--yca/proposed-uranium-purchase-and-new-share-placing-/9426585) to raise £55 million ($75 million) to purchase physical uranium. The new shares were priced at a fixed 629p. [5]
* The Admission Reaction: When the millions of new placing shares were officially admitted to trading on the LSE Main Market roughly a week later, the stock traded perfectly flat relative to its prevailing market price.
* The Forward Mechanism: Because an ABB relies on a cash box or direct conditional structure, the investment banks (Joint Bookrunners) completely pre-allocated 100% of the placing to institutional accounts during the overnight bookbuild. Many macro-arbitrageurs who participated lock-in their spreads by selling existing inventory or shorting the equivalent equity delta immediately upon allocation. By the time Admission Day arrived, the physical delivery of shares via CREST merely cleared the banks' internal ledgers; no new selling pressure was introduced to the open order book. [5]
## 2. Georgina Energy plc (LSE: GEX) – Delayed Settlement Allotments [6, 7]
* The Date: April to June 2026. [8, 9]
* The Action: Georgina Energy undertook a £1 million fundraising program, issuing 20,000,000 new ordinary shares at a fixed placing price of 5 pence per share. [9]
* The Admission Reaction: The company formalised the final mechanics and made the official application for these 20 million shares to hit the market on 5 June 2026. On the morning of admission, the market response was muted and flat. [9]
* The Forward Mechanism: The fundraising had been structurally completed and committed to by institutional backers weeks prior via broker Clear Capital. Because the placees knew their exact allocation and the market had structurally absorbed the funding dilution at the initial announcement point, the actual operational event of "Admission" created zero net-new sell flow. The stock simply absorbed the enlarged share capital denominator cleanly. [9, 10]
## 3. Cloudbreak Discovery plc (LSE: CDL) – Debt-to-Equity & Milestone Forward Swaps [11]
Same thing.
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