RE: 1% - Total Shares in Issue: 1,653,487,6065 Nov 2024 13:20
UncleJohn
I've heard that before. IMO its not correct. DTR 5.1.2 states the following.
"A person must notify the issuer of the percentage of its voting rights he holds as shareholder or holds or is deemed to hold through his direct or indirect holding of financial instruments falling within ■ DTR 5.3.1R (1) (or a combination of such holdings) if the percentage of those voting rights:
(1) reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% (or in the case of a non-UK issuer on the basis of thresholds at 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%) as a result of an acquisition or disposal of shares or financial instruments falling within ■ DTR 5.3.1 R; or
(2) reaches, exceeds or falls below an applicable threshold in (1) as a result of events changing the breakdown of voting rights and on the basis of information disclosed by the issuer in accordance with
■ DTR 5.6.1 Rand ■ DTR 5.6.1A R;
https://www.handbook.fca.org.uk/handbook/DTR.pdf
Does the 5% requirement apply here? When it says "non-UK issuer" I take that to mean Andrada so reporting crossing every 5% might be what we will see since Andrada is a non-UK issuer.
On 19/05/2021 Canacoord issued a TR-1 when they went from 5.4957% to 11.2072% so that would seem to tie in although that was achieved when they took part in a fund raise and not a prolonged accumulation of shares in the open market.
If they are dumping then a crossing of the 5% boundary is the earliest we will get confirmation.
TDT