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I wonder if anyone here decided to transfer shares to the NYSE?
The shares traded there so far had to come from somewhere. If not from PIs or IIs, then the MMs must have transferred some of theirs from AIM. Since I'm informed no new shares were issued, then what were all held previously on AIM must be now split between the two.
That may account for lower volumes on AIM this week and some initial profit-taking to cover the risks involved. Just my theory - I don't know much about how these things really work.
If I'm right though, US IIs may just be waiting for the dust to settle before diving in. It may also explain the shortage of positive media coverage. Timing is important for these things...
In short, if the fundamentals look good then it's probably down to sentiment and timing.
Maybe we should all band together and tell the world to "BUY MORE BUR!!" And chips and beer. Everyone likes chips and beer and such a positive association with BUR can't be a bad thing...
Or maybe we should all agree to buy a few shares at the same time on the same day. Not loads - just an experiment really, to see if the market responds. I'd be curious to know.
Well, I'm not selling and I am patient. I have 8 years before my kid starts draining my blood :)
I think TWT nailed it when he said it takes a while for a new dual listing to get going.
It took Google a while to get their act together and for a while heir old LON:BUR feed was down this morning. I can only imagine the fun and games day traders and algorithmic folk have been having, not to mention the bigger brokers.
Well, the NYSE listing is up and running and we are nicely up in the AIM. Fair volume on the NYSE too for such a new listing.
I did wonder for a while if the fuse had gone out and admit I did expect more fireworks but that's exactly why I should never be a trader.
All looking good to me.
Cheers!
Yay! Googlefinance just started working with ticker NYSE:BUR. That should make comparethemarkets.ooops quite interesting tomorrow :)
So, at the NYSE bell or just after, the SP was 10.25, or about 789 UK. Volume was around 121.5k
Seems the NYSE MMs have a different system to the UK, so how on earth they will decide an opening price in the UK is beyond me.
A good start and will only grow IMHO :)
GLA
Hi All
I use Google Sheets, which offers useful functions to update my shares tracker by populating my spreadsheet with almost current share prices. The one I use for BUR on AIM is =googlefinance("LON:BUR","changepct")
LON:BUR is the ticker name for the UK AIM market.
Does anyone know what the ticker name would be for BUR on the NYSE?
Little brain teaser while we all watch to see the fireworks :)
The more I watch the BUR SP, the less intuitive it seems to be.
With many platforms now locked out of trading to a lesser or greater degree, but trades still going through, it seems that my expectations of a level playing field were a bit off. Oh well. I wouldn’t be complaining if the SP had just risen instead of fallen.
So, thinking about Monday. Since we often see large variations in the SP when the US markets open, I assume a fair few US folk already own BUR shares. However, for the vast majority of the population, it will be a new share. With the exception of a few that may decide to short, that means most will want to buy.
At the risk of making an ‘ass’ of myself, I assume some degree of song and dance will have been created in the press over there to publicise the fact.
I further assume that the optical fibre link across the pond, rather than snail-mail will be used to balance prices between the two, though I’m a bit less confident about the rules or maths for tying the two together.
So, like most here, I expect a sharp and sustained initial rise.
But then I wonder why Gladstone and Kuvari still have a substantial short holding. Kuvari increased theirs on 1st October.
Perhaps I’m just a little paranoid but if the SP went down, instead of up, would that spark a spate of shorts?
I’m holding on long term for my kid’s education fees but I’d rather be rewarded with that nice warm dopamine glow from a steep increase on Monday than a cold sobering drop.
Any views from the more seasoned folk here?
Can anyone explain why the SP has been hovering so closely to 727 for so long today?
I see there's quite a high volume of trades and assume that any short holders would be trying to buy, along with everyone else that likes BUR's prospects, so I just don't get it...
Perplexed.
Barclays response today:
As US securities law requires the share register to be maintained by a US registered transfer agent, should existing shareholders wish to maintain their holdings and settle transactions in CREST, they will need to elect affirmatively to do so (the “Election”). As Barclays Smart Investor is unable to facilitate this transfer to the Depository Trust Company (DTC), we will be making an election on your behalf to retain share positions in CREST to facilitate AIM trading. What does this mean for you? You do not need to take any action. We will automatically elect to continue to hold your shares in CREST on Friday 16th October. Any trades placed on Burford Capital will need to be settled in advance of Friday 16th October in order to ensure they are included in our election.
Cool.
Just spoke with Barclays re the BUR shares in my ISA.
So far, I'm told they are aware of the Election but have not yet issued "a form of words" to their clients regarding their position.
They promised to get back to me with an update this week.
Anyone else use Barclays as a broker? I'd love to know if you have any further info...
Good advice, ffc and I have become far more cautious and diligent this year. Some of my first investments (good at the time) are now looking rather sad. I should have been more willing to sell and re-invest than I have been so far. I have confidence in BUR though :)
I won't give up my day job just yet though...
I wonder who bought that?
Institutional investor? Short closing?
Either way, good to see it's on the up again.
I'm still holding for the long term, so while these drops do annoy me, I do get a buzz when there's a rapid rise. That buzz is a warning sign to me - as someone with an addictive nature, I can't afford to get into something that requires a very cool, calm head and lots of painstaking research if it makes my adrenaline start.
Having watched this BB since the SP crashed, I've considered trading, as some here do, and come to the conclusion that I'd be rubbish. I was lucky with this one - I did research on the day, though not what anyone would consider "thorough" but I thought it was a sound company, so hesitantly bought in, and not with much. I bought a bit more after more research.
I couldn't do this for a living. Far too stressful! I'm also too lazy to learn to read charts.
It's been an education though and at times, very entertaining. I think my investment was a good but lucky decision because I think Burford is sound and time will prove it. I'm in no rush. My guess is £10 by December and £15 by next summer.