The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
On 22 Oct M&G notified they held 262,499,896 shares or approx 6.45% of 4,063,963,810 shares in issue at the time. Today there are 6,730,630,476 shares now issued, their previous reported holding of 262,499,896 is 3.9% of the new enlarged number of shares. All today's notification says that they are now below 5%, so they may not have sold any and could of added in the placing to just below 5%. IMO.
Looking back through the RNS's not company or institutional websites, the last reported holding prior to 31st Oct 19 was on 5th July 18 and they held 120mil or 3.69% of 3252.165896mil issued shares, the 3.69 % exactly as reported in the latest RNS prior to the 2.20% now held or 147.915mil shares. All very strange imo.
JD There appears to be some missing RNS holdings info between the 8.57% at 9Aug on the RBD website and the 3.69% previous reported holding as the RNS 31st Oct. So far as I can see there are not any reported changes between the two dates.
I think we can do without the share swap and it may well come off but it seems a little greedy and unnecessary dilution to RBD. Despite the orderly market whatever that is, it will probably increase selling pressure on any sp. rises as the new Canadian shareholders may want out sooner. They have already had dilution if this goes ahead but can understand them not wanting to part with Rathlin shares for RBD imo.