Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The current programme is limited to a maximum of about 10% UK stock. So no threat of delisting. It will take approx 20 weeks to achieve this amount of buy-backs at the current rate. So expect a lot more RNSs. The effect has already been seen on the discount of UK to US stock. Without the buy-back we would probably be almost £1 lower than we are - and/or the US price would be $1.50 higher.
The situation is confused because both SPs have fallen for reasons independent to the buy-back.
UK news isn't going to move the SP much. UK is only one market out of many.
What actually matters is debt, cash burn, profit projections etc...
The picture here is not very encouraging yet.
£15 seems a good buy price, but I wouldn't be surprised to see SP around £15 again in Q4.
The UK shares will be/are being purchased on the open market from the MMs. Individuals will continue to hold all their shares and cannot sell direct to CCL.
The repurchsed shares will not be delisted, but held by CCL (and thus theoretically could be resold in the market should they wish).
CCL intend to raise capital by selling new US shares, and use the proceeds to buy back UK shares., thus making a profit in the process. The effect of this RNS news is we can expect to see a good reduction in the UK/US price discount. Historically it has been as low (or lower?) than 10%. Yesterday it was around 18%. At today's UK close it had dropped to under 15%.
So the news is good for UK shares, and bad for US shares. Hence the large drop of 7% in the US, and only a small drop here. Probably an over-reaction.
year1970
A belated reply. You're right that you actually couldn't sell 6 shares - if you could it would be giving money away.
I first bought VAL in 2011 and the SP was around 0.6p. My original holding of 300000 has been consolidated twice to 19 shares - and the fraction of 0.2 lost. In the same way 100000 (?) bought at 0.745p (say) would now be only 6 shares.
Your 6 shares are now worth £1.20 and as pointed out could only be sold at a loss. So, I suggest, mentally write off your £743.80, keep the 6 shares and buy some more.
For the record, you previously held at least 93750 shares, which have been consolidated twice.
Here's the details:
Seriously ill COVID patients could be treated with first UK antiviral drug proven to save lives in hospital
People who get seriously ill from coronavirus in the UK could soon be offered the first antiviral drug shown to save lives of patients admitted to hospital, researchers have said.
Regeneron has been proven to reduce the risk of death in severely ill COVID-19 patients by helping those who have not been able to produce an antibody response to the virus naturally.
It has been shown to reduce their chances of dying, being put on a ventilator and shorten their time in hospital, the scientists said.
Between 18 September 2020 and 22 May 2021, 9,785 UK patients admitted to hospital with the disease were randomly allocated to receive usual care plus the antibody combination treatment, or usual care alone.
Researchers on the Recovery Trial found that among patients who received usual care alone, 28-day mortality was twice as high in those without an antibody response (30%) compared with those who were seropositive (15%) at the start of the study.
According to the study, for patients who had no antibody response the treatment reduced the chance of them dying within 28 days by a fifth, compared with usual care alone.
For every 100 such patients treated with the antibody combination, there would be six fewer deaths.
This may make one or two rethink booking a cruise.
https://breaking911.com/2-passengers-on-first-fully-vaccinated-north-american-cruise-test-positive-for-covid/
Don't get too excited about 1706 trade at UT price. Its just MMs balancing their books from earlier in the day. But the UT price of 4.41p may be the significant thing - and launch us into a positive mood for 8am.
However I agree the 4.4p buy is a good sign.
Thanks, Thoth2. I thought that was probably the case, since I remembered some discussion a few years back about the selection of the molecule. It probably had a num,ber but that's irrelevent since it was never refered to!