Scancell founder says the company is ready to commercialise novel medicines to counteract cancer. Watch the video here.
The threshold was reached last year but perhaps they are only required to report this one the desired target level has been reached. This looks very sloppy. Did YD sell down their position with Orange trust taking up much of the sales?
That's true and perfectly legal .. it's the same concept as carbon credits.
https://electrek.co/2019/05/07/tesla-tsla-2-billion-fiat-chrysler-emission-standards/
@apha.. correct.. the share price tends to dip at ex-date before recovering after the div is paid.. but unlike a non-dividend paying short it reflects a real cost on top of the cost of borrowing the shares.. When you sell short you generate cash proceeds which are used to collateralise the borrow... this makes borrowing the shares cheaper as the lender has cash in the event you default. So your all in costs are the cost of borrowing the shares plus any divs which need to paid over the life of the short.
Size and Liquidity Requirements
Full MCap of at least 150 mln USD.
Three month average-daily-trading volume of at least 1 mln USD at a review and also at the previous two reviews.
At least 250,000 shares traded per month over the last six months at a review and also at the previous two reviews.
Pure-Play
Companies have to generate at least 50% revenues from rare earth and strategic metals.
Diversification
Company weightings are capped at 8%.
Review
Quarterly.
It depends on the index selection criteria.. in a lot of cases it’s mechanistic, but some indexes may select constituents based on qualitative factors. I can‘t see any information on this but perhaps others have seen something.
To the extent the Fund calculates its NAV based on fair value prices and the value of the Rare Earth/Strategic Metals Index is based on securities’ closing prices on local foreign markets (i.e., the value of the Rare Earth/Strategic Metals Index is not based on fair value prices), the Fund’s ability to track the Rare Earth/Strategic Metals Index may be adversely affected. In addition, any issues the Fund encounters with regard to currency convertibility (including the cost of borrowing funds, if any) and repatriation may also increase the index tracking risk. The Fund may also need to rely on borrowings to meet redemptions, which may lead to increased expenses. For tax efficiency purposes, the Fund may sell certain securities, and such sale may cause the Fund to realize a loss and deviate from the performance of the Rare Earth/Strategic Metals Index. In light of the factors discussed above, the Fund’s return may deviate significantly from the return of the Rare Earth/Strategic Metals Index. Changes to the composition of the Rare Earth/Strategic Metals Index in connection with a rebalancing or reconstitution of the Rare Earth/Strategic Metals Index may cause the Fund to experience increased volatility, during which time the Fund’s index tracking risk may be heightened.
This is what’s referred to as index tracking risk.. Index Tracking Risk. The Fund’s return may not match the return of the Rare Earth/Strategic Metals Index for a number of reasons. For example, the Fund incurs a number of operating expenses, including taxes, not applicable to the Rare Earth/Strategic Metals Index and incurs costs associated with buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the Rare Earth/Strategic Metals Index and raising cash to meet redemptions or deploying cash in connection with newly created Creation Units (defined herein), which are not factored into the return of the Rare Earth/Strategic Metals Index. Transaction costs, including brokerage costs, will decrease the Fund’s net asset value (“NAV”) to the extent not offset by the transaction fee payable by an Authorized Participant (“AP”). Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Rare Earth/Strategic Metals Index. Errors in the Rare Earth/Strategic Metals Index data, the Rare Earth/Strategic Metals Index computations and/or the construction of the Rare Earth/Strategic Metals Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Rare Earth/Strategic Metals Index provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. When the Rare Earth/Strategic Metals Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Rare Earth/Strategic Metals Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Fund may not be fully invested at times either as a result of cash flows into the Fund or reserves of cash held by the Fund to meet redemptions or pay expenses. In addition, the Fund may not invest in certain securities included in the Rare Earth/Strategic Metals Index, or invest in them in the exact proportions in which they are represented in the Rare Earth/Strategic Metals Index. The Fund’s performance may also deviate from the return of the Rare Earth/Strategic Metals Index due to legal restrictions or limitations imposed by the governments of certain countries (including the availability of China A-shares through Stock Connect), certain listing standards of the Fund’s listing exchange (the “Exchange”), a lack of liquidity on stock exchanges in which such securities trade, potential adverse tax consequences or other regulatory reasons (such as diversification requirements). The Fund may value certain of its investments and/or other assets based on fair value prices. To the extent the Fund calculates its NAV based on fair value prices and the value of the Rare Earth/Strategic Metals Index is b
and BMO have experience in this field with auto-loans. see below.
EG you pay BMW 4% on PCP for your 5 series and BMW's SPV AAA rated paper pays 1.8% - they make money on the difference and the bond nvestors pay for your car!
https://asreport.americanbanker.com/news/bmo-launches-debut-529m-auto-loan-abs-in-us
Bonds are typically used over ETFs and REITS as the fixed income investment community is much larger than the market for reits and etfs. The key to all of this is ensuring that the SPV gets a decent credit rating. This is where the lien over the vandium comes into play. The bankruptcy remote SPV will typically be domiciled in Ireland or another tax-friendly country so country of risk is not a factor. Most pension funds only have a mandate to buy bonds with good credit ratings. Set this up correctly and get a decent credit rating for the SPV and this market could be massive, especially given the green credentials of the underlying batteries.
HSBC and a lot of other banks are already doing this.
https://www.hsbc.com/investors/fixed-income-investors/green-and-sustainability-bonds