TLY Trading - Miton21 Apr 2018 14:16
You've all seen teh high volume on TLY the last two days.
The seller (imho) has been Miton. Here is why and surely means we will very quickly see a huge rebound in TLY shareprice within the next ten days, probably even sooner.
Miton Asset Management 5,474,909 9.16%
I found these two posts, using info from Citywire. They were on the Wey education site 'in another place' re Miton, but are equally relevant, perhaps even more so, to TLY.
bigboyblue7 Apr '18 - 11:48 - 895 of 924
0 0 0
I've held here since October but not posted before. The following from luckyorange on lse goes a long way toward explaining the recent drop and the reason why Miton have reduced their holding:
Probably Miton selling down, we have the same problem over on VRS,
Shareholders in Miton UK MicroCap have requested to sell over 10% of the investment trust�s shares in the annual share redemption facility taking place this month.
Previous redemption levels have been modest at the �113 million fund launched by smaller company managers Gervais Williams and Martin Turner three years ago. This year, however, the company has received requests to sell from holders of nearly 18.5 million shares or 10.8% of its capital.
If new buyers for the shares are not found the trust�s market value will slip below �100 million, a significant threshold for the big wealth managers that are its main investors.
From the CityWire website
And they have the cheek to say that WEY and VRS have 'pulled back' over the month , wonder why that is , oh yeah they are selling millions!
hTTps://resources.mitongroup.com/srp/lit/NDKE87/Fact-Sheet_Miton-UK-MicroCap-Trust-plc-Miton-UK-MicroCap-Trust-plc-Ordinary-Shares_28-02-2018.pdf '
AND
"bigboyblue9 Apr '18 - 12:52 - 906 of 924
0 0 0
From the VRS board, it seems that Miton have to pay their shareholders who are redeeming by 28th April. That would suggest they will finish selling off however many shares they need to in WEY, VRS and others by then, if they haven't already."
It seems the simplest of 2+2 in this case. I think looking at the trades the last two days they finished, and Miton would need a few days to collect the funds and distribute, or redeem, their holders.
TLY now looks a great opportunity to bottom fish.