RE: Nice gain big drop4 Feb 2021 13:35
Agreed that Setanta are clearly still selling and will be for a little while yet - see below. It's rather frustrating.
They've been at it for months, starting with a stake of 11%. It seems that every time Saga's share price puts a bit of a spurt on, it gets a bucket of cold water thrown in its face courtesy of Setanta - and back we drop again.
So where are they now?
Issue of Saga equity : 140,102,227 shares
Setanta position
Position of previous notification: 6.951% - 9,738,506 shares
Current situation as notified 03/02/2021: 5.9924% - 8,395,480 shares
Share sells notified in latest note: 1,343,026 shares
This implies about 6.25 more loads of this size to be dumped on the market and then Saga's share price will be far more free to rise without these relentless buckets of cold water being received in the old boat race.
And before any pedant helpfully points it out - I know , of course, that the shares won't be sold in great big lumps. I'm just trying to express a useful visualisation so that we can get a feel for how much more of this bucket-based behaviour we can expect to observe.