Vulpes in proportion20 Feb 2021 09:25
To put the recent RNSs into some context, here's the list of Vulpes trades going back a bit - SOLD27th April 2020 500k @8p. Total holding 17.2%28th April 2020 1,500,000 @8p Total holding 16.9%BOUGHT 10/11/20 Open offer - subscribed for 3,670,000 @13p. Following the subscription Vulpes held 116.7 million shares, 14.3% of the company.13/11/20 500,000 @11-12.2p. Total holding 14.4%.14/12/20 248,000 @10.5p Total holding 14.4%15/11/20 750,000 @10.5p Total holding 14.5%SOLD17/2/21 400,000 @23.7p Total holding 14.5%19/2/21 1,250,000 @25.5 Total holding 14.3%19/2/21 400,000 @27.25 Total holding 14.3%.Also needs emphasising that these dealings are all by Vulpes who are as we know an investment fund - they are only declared because of Martin Diggle's proximity to the fund as a non-executive director. If this obligation for transparency were not declared and someone discovered it, think what effect that would have on the SP. Conspiracy theories would abound! If you invested in a fund that made the sort of percentage gains that Vulpes have made (albeit on tiny proportions of their ownership) I think you'd feel they had been shrewd, banked some profit, and probably picked a winner - as their track record would suggest. The difference in holdings between the buys and sells is all of 0.2 percent - I don't think anyone could suggest that variation is anything even vaguely hinting at a 'sell off', any more than a 0.2 percent increase could be seen as a 'takeover move.' Just trying to put things into perspective in as non-aggressive a way as possible.