Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Twitter frenzy continuing, with Myles McNulty now saying "I maintain that £1bn/100p+ will be breached rapidly."
https://twitter.com/search?q=%23bmn&src=typed_query&f=live
Maninshed - By selling into a rising market, GS are able to maintain an orderly market. If they were to sell into a falling market, it would exaggerate the fall, leading to a disorderly market. I believe that they are to maintaining an orderly market.
His tweet:
Adding more to #BMN position, which is sitting around breakeven. V prices now look to be forming the faintest shadow of an uptrend:
https://vanadiumprice.com
Moreover, I think the market has really missed the significance of Monday's RNS: the vanadium electrolyte rental... 1/5
https://twitter.com/MylesMcNulty/status/1304064889300844549
Connor, Clark & Lunn Investment Management Ltd 0.89 14/07/2020
ENA Investment Capital LLP 1.61 04/08/2020
ODEY ASSET MANAGEMENT LLP 4.30 12/06/2020
Pictet Asset Management Ltd 0.60 04/08/2020
Voleon Capital Management LP 1.78 04/08/2020
There will not be any significant change in shorts today (reported tomorrow) - there is nowhere near the volume today needed for that. I'd expect a high volume tomorrow, which may give the shorters an opportunity to reduce, if they wish.
Just one final thought on this, then I will retire from this thread. I wonder of the future payments by Metro in 12 and 36 months totalling £9.5 million "subject to the satisfaction of certain key performance criteria" are in any way connected to the credit risk?
Theosus - Not claiming any great expertise here, but it would seem to me that there is more than adequate provision in Ratesetter's provision account to ensure that the capital on existing loans are repaid in full, if not the anticipated interest:
https://www.ratesetter.com/invest/statistics
Thier website if full of disclaimers too - "Capital at risk. No FSCS protection. Past performance is not an indicator of future results."
cuddothisnow - "RateSetter assumes no credit Risk for Metro Bank - what does that mean?" - in simple terms, the existing Ratesetter business model matches up private or corporate lenders with borrowers, so the credit risk is with the lender - this will be the same for existing loans, so Metro Bank will have no exposure to defaults - hope this helps?
VV - my understanding re declaration of short positions is that the entity taking the short position must declare it to the FCA if over 0.1% of shares issued (this was 0.2% pre-Covid I think), but the FCA will only include it in the daily positions that are published by them if over 0.5% - the same as before Covid came along.
https://www.bbc.co.uk/news/world-africa-53382797?intlink_from_url=https://www.bbc.co.uk/news/coronavirus&link_location=live-reporting-story
Still holding long term........