Member Info for roleybirkin

end April for me and they have been working on their chosen deal for maybe 6 to 8 weeks....

PB is an excellent service - we moan when we cannot get to Placings and then some moan when they can.

Its an estate and I can imagine that the executors are looking at many factors:-
- The share price rise which has been superb in the last months and year
- Taxes on the estate and
- distributions to the benefactors of the estate
Great to be able to take advantage of almost 'forced' sales of this nature as they are unlikely to be anything to do with the performance of the company.

I got my allocation - and miserly - around 13% of my application
So nicely oversubscribed

Looking a good trade - they seem to be 1.35 - 1.44 now

Blackrock has a number of different style asset managers and they work distinctly separate to each other.
Blackrock of the USA is a value investor with a retail client base as well as asset managers and its funds look for long term growth
Merrill Lynch Asset Management (used to be Mercury Asset Management) is an institutional active value investor and has clients predominantly across Europe
Barclays Global Investors is an index passive tracker and looks simply to track the global indexes
Each decide independently what they buy or sell and overall it may explain why Blackrock could have 4% one week, 2.5% the next and then report 3.02% another.

You will get an email from Primary Bid most likely tomorrow morning with your allocation.

Finally waking up to the progress the company is finally making.
Lower costs and managing revenue growth.
Great to see a Q4 profit and the key to it all is the 2021 forecast.
Trading update due any day?

Just checked the RSP

8.15 bid for 175000
8.055 bid for 600,000

8.585 offered in 100,000
8.695 offered in 175,000
8.945 offered in 500,000

Good size out there both ways

Do bear in mind the significant holders own - 82.61% at the time of the IPO - and that is post the raise.
- I have a list of the holders -
Free float is very small - especially as many new investors are long term holders it may be less than 12%...

Market imo is looking for e305m - £275m
My gut feel is that numbers will be slightly ahead at maybe £300m.
The key for me is the 2021 forecast and update especially around use of cash.
Shares are good value at 1125p and will only re-rate upwards if numbers are solidly ahead of market target.

https://www.theblockcrypto.com/linked/92251/coinbase-offer-secondary-market-private-shares-nasdaq

So what is the Crypto market really worth - if Coinbase can be valued higher than all US Exchanges put together?

https://www.theblockcrypto.com/linked/92251/coinbase-offer-secondary-market-private-shares-nasdaq

In context Coinbase is now worth more than all US exchanges put together...

There are so many sizeable funds that sit at a 10 to 15% discount to asset value.
Seeing KR1 trade at up to 30% discount may not be that unusual given the volatility of their crypto holdings currently.
My view is that the staking yield is what may drive the share price in the coming months?
All depends on the yield for 2020, maybe more important Q4 and then the 2021 forecast....

Valuation of known tokens - at 21.30 - $102,224.780
I have 11 positions unvalued

I also got to meet Michael Spencer - he interviewed me to become CEO of one of his entities and I actually got the role. I turned the role down so we never got to work together.
He was certainly a sharp and focused individual with a brutal streak.

Adding Paddyboy, that Liquidnet has to my knowledge over 1,000 signed agreements with global asset managers.
Liquidnet is a unique offering in that it scrapes the asset managers trading blotter - what that means is that Liquidnets software is entrenched into the asset managers order management system and pulls all open trade orders into the Liquidnet pool of orders. Liquidnet then searches for a match (an order that is the same security and the opposite way) and shows both the buyer and seller that there is a trading opportunity.
The traders at each asset manager can then choose to negotiate and execute and hence a block trade is created.
It is that simple - in two or three clicks of a mouse a £10m or even £50m trade can be executed....
Hope this helps...

Agreed Paddyboy. Both Icap and Liquidnet are cash generating businesses - in effect, they get their cash within 2 or 3 days of each execution as they collect all revenues on settlement of each trade.
Liquidnet is an agency broker with various authorisations across the world and they are FCA authorised here in the UK.
Liquidnet is indeed the 'middle man' sitting between the buyer and seller on each execution and charging a fee for that service.

Hi kings,
I have been chatting to some of the team still at the company - they think Icap have got Liquidnet at a steal and I have to agree.
Liquidnet is an established and entrenched block trading tool for the asset management community.
It is fair to say that it has stagnated under current leadership and I feel a change of ownership can drive it forward quickly and easily.
I am confident that trading and revenues can be grown substantially.
Market share for Liquidnet is relatively low as it charges a premium for trades executed as it delivers significant value on each execution.
Market share in Europe alone last week is listed at 1.59% with a daily traded volume of euro 608,609,260 per day.
Bear in mind, that is blocks that are crossed and Liquidnet charges up to 5 basis points on both side of the cross so you could argue that Liquidnet traded euroo 1.217bn per day as that is the number that generates commission.
Liquidnet also has a Block trading algo that allows brokers to participate and trade against the asset managers which trades up to euro 1bn per day on top of the block crosses.
The Liquidnet business has historically been valued at multiples of the $700m that Icap are paying.
It is a steal at that value.

Meliisa, I closed on a deal this week and for a company in the mid millions it still took close to 6 months to get the deal done.
I expect a deal to be announced in the next couple of months but would suggest that whatever deal they are looking to get done, it is well underway.