RE: Hopefully k nobody sold today.8 Feb 2023 00:53
OK, so here's the rub,
*For those of you worried about MBU capital selling more on the open market, don't be, they are subject to an orderly market clause, so won't be selling open market. (So don't expect another TR1)
* Perhaps some of you don't know, but AW used to work for MBU capital, obviously they still have a very good working relationship, and the bit about being informed,in the RNS we'll that's just poetic licence. (Knew all along) buy hey nice that the company has such a good working relationship with its cornerstone investor I'd say!
So why did MBU sell? As I'm sure your aware MBU borrowed funds from bluestar capital, (2 tranches I believe) and with the first falling due, MBU rather then repay from their funds, or more importantly let bluestar have the Ben shares (which MBU put up as collateral )to dump on the open market they sold to HNW investors.
So what about the second tranche, personally, I believe the second tranche is satisfied from Ben dividends payments as they fall due next year, but again the orderly market clause applies anyhow.
Personally I think the market had wind of this deal a long time ago, with MM using their privileged naked short facilities, Ben flies now imho, and I've grabbed a big chunk. As ever dyor and GLA.
Sorry couldn't post earlier, hopefully my post adds some clarity.