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Nidec. Does this mean that it an off-book, two-way, transaction carried out away from the exchange that is not determined by, or contribute to, the price setting mechanism of SETs or the MMs? But then reported to the exchange.

W007 - there may be some tweaking, but yes the results per se have been largely signalled in the two quarterly posts. But also it is the first HY since IPO so the books will be more transparent as the IPO caused some noise. Of more importance to me will be their forecasts/guidance for FY2022 and whether the accelerating trends in ARR, revenue and EBITDA etc. is being maintained or bettered. Another date coming up is about 3May when the lock-up for employees ends.

SW77 - I had the same thought as to whether it was a one off sale. Her holding crossed the 10% threshold yesterday to 9.9x% - triggering a TR1 - but 0.9% above 10% could have been drip sold in the market over time; and she can sell another 0.9x% without a further notification.

That is if I am right that each 1% threshold above 3% that is crossed requires aTR1 - the thresholds being 3%, 4%, 5% etc.

Charles - normally I don’t mind your bullish approach or you frequency of posting but I’m offended by titles like “Go Go” when the rise is largely because of the appalling situation in the Ukraine. Innocent people are being slaughtered. Please show greater sensitivity to the situation.

Can anyone shed any light on the 4:30 to 4:35 auction - U T Uncrossing Trades - which it seems to me have for months now been for £1 or £2MM almost every day. Why such an exact monetary figure? Would one not expect random monetarynumbers from an auction?

Ndn71 is correct IMO. - risk and reward must take into account probability.

To me:

Risk = probability x negative consequence

Reward = probability x positive consequence.

So for illustrative purposes only - say you invest £400 with a 50% chance of losing it all but may gain £ 1000 with a 30% chance. The Risk will be “losing” £200 (0.5x400) but the Reward would be “gaining” £300 (0.3x1000). So the risk reward balance would be in favour of investing £400.

Working out the consequences is the easy part, assigning probabilities is the difficult part. Probably best to follow one’s intuition.

Meantime I really feel for the Brave Ukrainians and cannot fathom how we have let history repeat itself so easily again. It puts everything else in perspective.

Interesting Cybersprint bought for 12.5x their ARR.

If this metric was used - not saying it should be - for Valuing DT the SP would be 426/1.35x12.5/700 x100 = 563p. Of course if projected ARR growth if factored in……

ARR = USD 426MM Year end 2021
FX = 1.35
# DT shares = 700MM

Just to close this one out, it seems that there is indeed a regulation regarding share buy backs that I couldn’t find earlier. It is part of the Market Abuse Regulation (MAR) adopted by the EU in 2016 and incorporate into law by the UK end 2020. Charles was right, no buy-backs in the close (closed) period (Article 6) which is I think is a period of 60 days before the publication of results.

Good thanks Charles that must be it then. Well done!

Charles- the 18months is a regulatory matter. Buy back resolutions at AGM’s are only allowed for 18mo - for this reason they are usually renewed at each AGM. The December programme is different.

Indeed it does say 2022. I think we should ask for clarification on this - certainly the last buy-back was on 31/12/2021 and there have been no further buy backs since then.

Either the RNS is incorrect in this regard or my interpretation is and I stand corrected.

Charles, The buy back programme announced by DT that Kick mentions ended 31/12/2021 last year.
Basically early December they announced this - limited in time and quantity - buyback programme that was to end on 31/12/2021 as allowed for by the SH resolution at the AGM. I don’t know for sure, but I presume they announced this in advance as buying back shares will, of course, influences the price. If this is correct, they will announce in advance any further programmes in this regard. I did search for any regulatory rules as to whether there are any closed periods for share buy backs in the UK and couldn’t find any - US. Rules may be different.

Kick, I looked into the question of the buy backs when it was announced in December.

We, the shareholders, gave DT authorisation to buy back about 67MM shares at the AGM. This authorisation is valid for 18months. I cannot find any information that restricts the time in those 18mo when this can happen either as part of the authorisation or according to regulatory restrictions.

I presume that they will announce any further intentions and programme to buy back shares just before they do it, and I know of no reason why this cannot be done at anytime up to 18months after the shareholder authorisation.

Raining again. While in a speculative mood - what about Vitruvian. They sold 11MM shares on 3/11 and their 60 day new lock-up period is now over. With only a remaining 2.99% of the total (convenient?) they could now be selling their 20MM shares without a notification (TR1).

All interesting - the intrigue continues.

All I can add Is that I looked up the FSA requirement for when changes in holdings have to be notified. Here is what they say in their handbook for anyone interested.

Quote
A person must notify the issuer of the percentage of its voting rights he holds as shareholder or holds or is deemed to hold through his direct or indirect holding of financial instruments falling within DTR 5.3.1R (1) (or a combination of such holdings) if the percentage of those voting rights:

(1) reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% (or in the case of a non-UK issuer on the basis of thresholds at 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%) as a result of an acquisition or disposal of shares or financial instruments falling within DTR 5.3.1 R.
Unquote

So we will see if any of thresholds are crossed in the coming days. Meantime it is sunny here again so outside I go.

Charles - I really do not know - I can only surmise. Some of the more active traders on this BB may, perhaps, have a more informed view.

One possibility is that a big seller and a big buyer knew of their intentions and agreed to trade at a given price through the auction. I do not know whether this is a realistic possibility or not.

Another possibility is this was a “normal” auction but of an extraordinary size. It seems to me that as it was a “sell” the demand to sell at a given price was greater than the demand to buy as in the “interesting” example in the link I attached earlier, but again this is just a supposition.

Bacc. You are basically right on your first point.

The two questions you pose are what we have been speculating on. It was a relatively huge uncrossing so something unusual is going on.

If anyone is interested in understanding something about auctions - but it does not answer the questions posed - I thought the attached link is quite informative.

https://www.shiftingshares.com/what-is-an-uncrossing-trade/

https://www.shiftingshares.com/what-is-an-uncrossing-trade/

Well Charles 11.7MM shares were matched in the 5 minute auction period so 11.7Mm were sold and 11.7MM were bought no matter if tagged “buy” or “sell”. O” trades are not immediately matched and mostly a buy is a buy and a sell is a sell, but not necessarily so - as discussed a few months ago.

As an UT trade it would be an equal buy and a sell. An agreed swop between iis?

In think Bob and Zebbo are in their own way both correct. Certainly DT should focus on cybersecurity for the time being, but I think it right they keep some R&D effort on AI not least to keep their fingers on the pulse. It is after all a stated objective of D T and Polly refers to it quite often. To become a great company, if not bought out, it will need eventually to spread its wings very much like Amazon as done, as, in the end, the TAM is limited and the market is crowded. Anyway those are my thoughts.