The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
And whilst I think about it, in response to people asking about risks relating to this share, I see two main ones, one of which is not controllable and the other controllable to an extent
(i) Country specific capital controls in countries where we conduct business (think of the Nigeria experience)
(ii) US license refusal, itself partly a function of quality of the organisation - as CABP grows in size and complexity, quality of hires needs to keep pace
Fingers crossed Plutus. I am hopeful given their previous experience in applications and look forward to a significant rerate when it does come
The simple answer is that timelines are hard to determine. An application is absolutely not guaranteed to be successful (look at Revolut over here). What I hope is that no application is made until both the board and the execs and happy with it and that it is of sufficient quality for it not to be turned down. A refusal will not only harm the share price but will make gaining a license all the more difficult. Hope this helps
Thanks for getting back to me IHNC. I don’t see anything in those accounts to action but IG mailed me a link so that I could vote directly
Does anyone have BARC or IBKR accounts with THG positions in? I am yet to hear from them but have heard from another broker that I use occasionally
Thanks in advance if anyone has heard since I’d really like to vote on these proposals
It's month-end today so typically closing auction will be in large volume as portfolios are rebalanced, so I would not read too much into it. Interestingly though the price was not hit in the run up to close as has been usual recently
It went into auction, normal trading resumed
That was why I was asking IHNC
And Brew never mentioned spreadbets just that Spreadex was a holder - the Spreadex RNS references sale of shares not any derivatives. Typically such holders buy cash to delta hedge client derivative buys
IHNC
From the FCA handbook
https://www.handbook.fca.org.uk/handbook/DTR/5/1.html
Aperson 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;
Which is why I asked the question. Does round of buying come into this as a qualification to the above?
IHNC, because the rules are disclose at 3% and every 1% thereafter so my original question stands. MM previous disclosure was for ~3.2% so where has the additional number of shares come from?
Thanks Brewman - will wait and see. Makes sense. Does Spreadex take positions itself or is it just hedging client risk? If so there will have been a lot of client sells to free up that quantity of stock
I am a little confused, MM increased KLSO position by ~3% yesterday which is ~9mm shares but do not see that volume traded. Have I got this wrong? Any thoughts would be welcome
No, closing only. I have a long in it and it says "Closing only: Market unavailable to open " so I can only reduce the position during trading hours
Interestingly IG spread betting is not accepting any buys - it's closing only. Not sure how long it has been like that but usually a good sign of expected volatility (I hope to the upside) when spread betting firms don't want the risk
I'm not really sure but suspect that they are sells printed slightly late based on levels at the time of them - they are "O" trades so sometimes delayed in being published
Only limited markets open
https://twitter.com/financialjuice/status/1715013792013201548?s=20
Https://twitter.com/financialjuice/status/1715013792013201548?s=20
41k of the UT at 9am this morning was me. Managed to get a partial fill on a limit order with nothing since
Still there Yorek in it's entirety, hasn't been touched