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Starting to wonder if they can't afford to unwind their position?! Going to dig and see what I can find out about them. Seems nuts and amazed they have done nothing on this since September. Most of their position was taken in July, when shares were a little over £1!!!! https://shorttracker.co.uk/manager/rye-bay-capital-llp/
Is that who esecallum works for? lol

Why am I getting involved?! Move away from the computer!!!!!
I did read that FT thing last night as I do like to understand more about how these things work!
Just to throw another hypothesis into the mix as I considered it yesterday, could it be that you had to hold through both dates!?
Grenade thrown. And this time I will walk away from the explosion!

lol and johnny! Not like I have any real right to say anyway. And it looks like it's kicking off again, so will stop reading for a while, get back to my real work (which I've been avoiding for most of today) and catch up later!

Well I must say, not following my own rule in terms of language on the board, so I apologise for using that term but I am so sick of the back on forth on this.
If making claims like that, you should perhaps have stated why you are saying it. i.e. that you had contacted GS and Petrofac IR.
So secondly, thanks for clarifying and can we please levae this alone. If others don't agree, please speak to Petrofac IR, LSE or someone else who people will feel is an authority on the subject.
Please and thank you!

New reference please or shut up, done to death this argument!

Sorry, terminology may not be correct.
I mean exactly what you are saying, selling a portion and buying back.
But as I said in response to Paddy, it was more in jest as it isn't often either of you point out the downside, especially Paddy who often argues with those who do.

Said partly in jest Paddy.
I take your point and this can't go bang upwards unless there is big news.
But can't see it going down either for the reasons above.
I think there will be a lot more interest from other IIs and RIs at this level, even without news, so I'm very happy.....for now!

I can't see it hitting that level, it would be silly for people who bought yesterday to trade it down to that level surely?
They'd basically be losing money considering most will have bought between 120 and 140s!
If you bought at 120, your average would be 119 if you take the option, so I really can't see it going near that anytime soon.
If you bought at 140, your average is still 135, so people buying there probably won't you sell below that?
If they did, they'd be taking the profit only from the 1 in 4 shares they got at 115 and would need a higher price for the remaining 4 to break even!

More likely those who bought specifically on the news, will drip feed in subduing price rises in the short term.
Longer term holders will mostly be underwater and less likely to sell unless they are trying to average down but due to above, that's not a position I'd be taking if I were them.

The bigger opportunity for shorters will be when the new shares are issued but again, to hit there average and presumably they want to make a profit, they need to be selling above the levels I mention above, but will be looking for more.

I think we are at the low point here and although depressed, will slowly rise as those holding having bought at the various levels, are sifted out.

And if big news comes out in between, it could still be onward and upward!

Certainly sounds like paddy and Mary went short. lol

Indeed Denby. I'll be taking the options and once done, my average means I am there or there abouts with todays price.
I trusted my gut when I got in after SFO resolution as I know the company and sector and think this is a relatively safe bet with some spare cash.
Like any investment, there are of course risks, but I fee any potential downside here is limited whereas the potential ups are huge, even if I haven't made short term moves to try and maximise that.

It does seem to me that this is a daft way to do things (if Mary et all are correct).
Why build the system to almost certainly create a bubble and pop it.
That strikes me as all that will happen by allowing people to buy following the announcement.
Considering short term traders claim they and the market is useful as they help price discovery, which I don't necessarily agree with, this goes against the grain and does the complete opposite.

Well, I don't have a dog in this fight as I held before the date and didn't trade any yesterday.
I'm happy with my average and from the start have looked at this as a long term hold for significant rewards.
Have set aside to buy the options and if it falls again, will likely top up again.

For the most part, as a non expert, I find the debates on here interesting, especially when backed up with links to reputable sources. I've learned a lot in my short time reading and posting and hopefully have not patronised anyone (with the exception of total tools like escallum!). And applaud Mary as many of her comments, despite having an opposing view to some, are straight laced and well mannered. If she's right, she's proven to be quite canny here and previously.

BUT, I really am fed up with this debate now and just wish people would leave it 'til the dust settles!

Some of the comments on here really are a poor reflection of peoples character. Y11, Paddy (amongst others) just come across as rude children in many. I know this is the norm across many social media platforms and the anonymity lets people feel it's ok. But it really isn't great and the y should put on their big boy pants and learn to debate without being patronising, condescending and resulting to attacking the person.

Play the ball guys!

No nowt about stock market legal speak....But I've got to agree, bought today will not qualify. As it clearly states in the release...

The Open Offer will open on 28 October 2021 with Qualifying Shareholders having an Open Offer entitlement of one Open Offer Shares for every four existing ordinary shares registered in the name of the relevant Qualifying Shareholder on the RECORD DATE

Later clearly stating the record date to be 25th, 6pm.

Kicking myself for not doing just that gogetum!
And V8zagato. I suspect several factors, the most pertinent being....
1 - Many won't need to and see value even at the price they bought
2 - Loads of short have to close now
3 - many were waiting to see how big the dilution would be before they bought in and are now doing so
3 - It was hugely undervalued at the price it was on Monday as the results were late, the equity raising overhanging and hangover from SFO

Relieved and annoyed now.
Glad we are now sitting above my original average but annoyed with the amount we are allowed to get at 115.
Would love it if the big holders put pressure at shareholder meeting to change this so we get a bigger bite of the pie. GIve existing shareholders 1 for every 2 and only place the remainder with those IIs. Suspect they'd get almost eveything they wanted that way considering almost all of RRs existing shareholders did in similar scenario.
Smacks of just paying off two big yankie banks at the expense of existing shareholders, many of whom could be staff guys who helped build this company and sitting with big book losses.
Feel really sorry for any of those guys who don't have the spare capital to buy their options and average down. Hopefully most of that ilk will be smart enough to sell some beforehand to finance it.
The rises today just show the value this company really had and very optimistic about the future, which (with the exception of a short period last night) I always have been.

John = JG. One beer too many. Think I attribute JG to a friend of mine with same initials there!

Indeed. Wondering now if I can buy more shares than I own? Anyone know that?
If you assume people can only buy 1 share for each 1 they own, it means IIs are happy with the midpoint price as that's what their average would now be. 139 basically.
Like John, I went to my broker and the app is giving me a quote for £1 to sell! Ha! At that, I'd buy for sure but certainly wouldn't sell!

Reading again, I ralise it's 150million shares, not 150million bucks, so lower than 118 but hey ho.

What way to spoil an evening!
I am still happy with my average but I better get a chance to buy @120 and take that down.
Otherwise, they are just gifting money to the big IIs!
Especially if Paddy's calc is correct.
I worked it out another way which is presumably where there 120 comes from.....
£150million @120p a share, so 125million shares.
Starting point is same market cap / new amount of shares, which works out at 118p.
The point about being worth more as the risk is gone stands and brings it back up to probably where Paddy's number is if not much higher.

On a happier note, once done it will fly again.....albeit not as high, but I still have high hopes longer term.

Capeview down another 0.06% on 22nd
https://shorttracker.co.uk/company/GB00B0H2K534/