Member Info for Lending

The free float at IPO was just over 20%. With the extra about 5% arising from the sale of Summit et alia it will now be 25%+. Perhaps this was the reason for their sale?

SW77. I think you will find 4tot is correct. ML's wife, Angela Bacares owns 11.6% of the company and ML 4.41% so together 16.1%. The IPO Prospectus discusses this and how it should be seen as one block, or words to that affect, as they are married.

MD, HKK and others
Given the confusion of the board - including by me - on Summit as shareholder, I thought it worthwhile to go back to the source of the information to record the actual facts of the matter.
Summit has been involved with, and financed, DT almost from the start (long time before IPO). Post recent placings, Summit did not buy, but sold 8.201,493 shares or 1.46%.

Darktrace IPO Prospectus
Summit 142,699,569 shares or 20.74%
KKR DA 90,458,059 shares or 13.15%

RNS 5/8/2021
KKR, Summit, Hoxton Ventures and Balderton Capital (together the Sellers) announce they will sell a minimum of USD150m to IIs by way of an accelerated book building the price being determined through the book building process.
The Seller’s lock-up obligations for their remaining shares would remain unchanged.

RNS 6/8/2021
The Sellers sold 23,150.000 shares at 620p each.
The buyers (IIs)are not subject to the lock up arrangement with respects to the shares the Sellers sold.

RNS 10/8/2021
Summit retains 134,498.076 shares or 19.28%

Until ML's day in court, and possibly beyond - he is innocent of any alleged misdemeanors. The UK case is a civil case (decision based upon "balance of probability" of the evidence). The US case would be a criminal case (decision base on "beyond reasonable doubt") so they would have to have much harder evidence. It is quite possible to be found innocent in criminal court yet guilty in a civil court - remember Michael Johnson. Usually the UK would not renege on treaty obligations, but with present management who knows.
I'm going off-watch until 15/9, so thanks for the insights. Have fun and successful investing all.

SW77- I sympathize with your comment re share price prediction - does this constant guessing add value? I'm not a trader but it seems to me traders need to take a position on a future share price, but this to my mind is is not the same as a prediction. Your comment reminds me of economist Galbraith's famous saying " The only function of share price (economic) forecasting is to make astrology look respectable."

Diviner - great insights, analysis and good old common sense - keep them coming.
I may have the wrong end of the stick but it seems to me that Summit are a private equity company but slightly different from the pack. Classical PE outfits buy whole companies, add value, repackage, sell and move on. Summit seem to only buy part of a company, add value .......... . For those of us on a buy and long term hold strategy I hope it is not hold until relieved as you imply could be the case.

Any Views on the Summit participation? My initial view is positive but my understanding of Summit is somewhat limited. They now have a seat on the BoD along with one from Invoke Capital so will enhance it. Summit are hands on investors who should be able to assist DARK in "accelerating the company's growth across the world". They have wide knowledge of the security industry and have had previous investments in Avast, McAfee, NetWitness. Postini. RisklQ and SafeBoot.
Their purchase explains a lot of what has happened over the last week.

These heated exchanges and the use of the invective is unhelpful in promoting a free, honest and open exchange of information, ideas and opinion. May I remind the protagonists of Rule 4 of "Member Chat Rules" - it is there for a good reason.

To summarize my interpretation of the implications for DARK of what I have read on this board regarding the Lynch affair.

Lynch sponsored DARK prior to IPO and was part of the management, but that since IPO he and his associates have just been shareholders with no say on DARK’s Board. There are potentially three matters in which the Lynch affair could affect the SP or even the future of DARK.
Firstly DARK’s reputation. The reputation and the liability issue (see below) below, spooked the market at IPO causing the IPO price to be set low and will continue to spook the marker as the matter progresses. Customers and potential customers, and even Microsoft, could walk away. It is a serious aspect with short to long term implications.
Secondly Lynch and associates may have to sell their shareholding to raise cash. A short term, but no long term, implication for the SP.
Finally there is a potential (criminal?) liability for DARK and its directors. Companies have a duty of care to ensure that they are not financed with launded/dirty money. So if Lynch is found guilty as charged and if it can be shown that DARK was financed prior to IPO with money that was not clean……….. Potentially extremely serious. The lawyers would have a field day.

But DARK is otherwise an excellent company……

Buffetology is the name used by the CFP SDL Uk Buffetology fund using a philosophy called " Business Perspective Investing" based on the reasoning of Warren Buffet and the name is licenced for 10 yrs from Mary Buffet (sister?) . The June fact sheet of the fund gives details on why they bought into DARK and is worth a read. They bought in at IPO and own about 1% of the shares in DARK. The manager only buys into companies that he can foresee having a good long term future and his ideal is to hold forever.