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In the first 4 days after the placing, there were around 16m shares traded. RF end of day sells were very small (under 100k), which tells me that most or all of the placing shares were shifted by Hybridan in the first few days. If I remember rightly there were a large amount of unmatched buys on those days.
I'm sure many were bought by LTHs - the new herd didn't arrive for a few days. Hybridan have made a good amount on this placing - on AIM they often lead to SP under the placing price with a long drawn out process to clear trhe overhang.
Yes RGO (RF) really are gone. No more companies will ever be subject to their predative finance, since they are being wound up by the new owner.
But the sad fact of AIM is that some new finance company is bound to spring up with similar schemes?
Looks like my calculations were slightly out, but it was and is always impossible to know exactly how many RF had sold. The remainder can be sold for any profit they can get over the 10p placing price that now kicks into the selling agreement from the August RNS. (Unless SP drops again below 11p - perish the thought!!)
This means to raise £220k, sells of around 2.3m are needed at the current rate.
So some of the new 3m have already been sold and accounted for. My guess is they the next batch they get will be the exact amount they have already sold to clear the debt. Early next week, presumably.
It does help to read the original RNS.
The credit comes to SAR at the point of sale, the issue price is not important.
At present there is a WVAP rule (4 days in last 15), and SAR are credited at 10% discount to this irrespective of selling price.
RF are not out yet.. They still have £220k of shares to be sold. Today is this last day (by my calcs) that SAR only receive 9.5p for them. So I expect there will be another big late reported sell on Monday.
But it wont be long. Don't expect any massive rises for a few days!
I would be very surprised if we don't get an RNS tomorrow telling us that RF are getting more shares. I suspect that the current 3m is almost sold.
Caution - we are still only being credited about 9.5p a share, due to the vwap rule, and this will continue to the end of the week (ie it will last for 15 trading days after the price hit 10.25p), so 3m shares pays off around £285k.
It wont take long to clear all £640k.