The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Nick, in short, Yes, it probably would.
These rules are very much open to interpretation and abuse and it is up to the individual to declare his holding (if he doesn’t, there is little recourse). But it is entirely possible (based on trading patterns and share price shenanigans over recent months) that Askar has had a 40m buy order in at an average pre-agreed price, that has just been completed. Also, with the General Meeting next week (if he has taken more at the 14p placing) he will be keen to disclose his current position, prior to adding more on 2nd August.
This Notification/Holding RNS has nothing to do with the placing announced on 10th July. The 14p placing has still to be ratified and all new shares being issued are conditional upon that, so cannot be allocated yet.
From the Placing RNS “The Placing, the Subscription and the Open Offer are each conditional, inter alia, upon the passing of the Resolutions by Shareholders at the General Meeting, to be held at the offices of Memery Crystal at 165 Fleet Street, London, EC4A 2DY on 2 August 2023 at 11.00 a.m”
As far as I understand it, 3% is the Threshold at which a holding should be notified to the market, BUT, from memory, there is also a rule stating that you do not need to notify the market until you have finished accumulating, as far as INITIAL position is concerned.
So back to my earlier post. If Askar received 2.9% of the company at the 18p placing (no notification required as under 3%) and continued to accumulate after that date, he doesn’t need to notify until he’s finished. IMHO.
Hopefully sticky hands.
Askar Alshinbayev is a Founding Partner of Meridian Capital Limited, overseeing the investment management of its diversified portfolio in real estate, hospitality, FMCG, infrastructure and natural resources.
https://www.askaralshinbayev.com/
Also, it’s not an AGM in August, it’s a GM to ratify the placing, so I doubt there will be any chit chat or Q & A.
The AGM isn’t until 7th September.
You keep repeating your same concern Surfit, but you/we have absolutely no chance of getting the info you crave, or the commitment you seek on dilution, until Anchois Farm-out is complete and FID is sorted. Until we know income and expenditure required from/for those, it’s is virtually impossible for the management team to allocate funds to other parts of the business. Until they can do that, they cannot know what additional funding is required.
Joe Bloggs should maybe take ownership of his own portfolio and decisions, instead of constantly moaning that his shares are not doing what he wants them to do, rather than what it said on the (baked bean) tin (i e this is AIM, high risk, high reward, and prices go up as well as down).
Joe Bloggs seems like a bit of a child who likes to stamp his feet and shout at everyone when things don’t go his way.
Don’t be like Joe Bloggs!
Sell what you have and buy them back later then 🤷🏻♂️
You can sell now for about 14.7p. If you’re so sure they’re going to 14p, that’s you reduced your own personal dilution by about 5% right there.
But you won’t, cos you’d rather spend your day moaning about it lol.
IIs are not interested in SP direction or SP predictions Ianfer, they are only interested in a risk free (or as risk free as possible) investment or trade. They were probably told/asked about the placing several weeks ago so will have forward sold shares they already own at 15-17p and will use those funds to purchase at 14p.
Similarly, if the SP goes to 18-20p after the placing and prior to an Anchois news updates, they will more than happily sell the whole lot (given the opportunity) and never look back.
Inafer you said “ If the sp moves upwards shortly it will probably be because of a positive announcement. But why would there be a placing and rights at 14p if the sp was expected to move skywards?”
Unfortunately that’s not how it works.
The simple answer is, there ALWAYS has to be a potential catalyst to persuade/encourage institutions to invest. Where is the incentive for them to invest AFTER news and when the SP is significantly higher? There isn’t.
Tell me the last time an AIM company did a placing AFTER they had announced a significant SP catalyst? I save you the time and the effort………..you won’t find one.
7 wells in 18 months, starting at the end of this year.
https://twitter.com/chariot_energy/status/1680897237931421696?s=46&t=CfuFJqRZzpmW0bqPoYobnQ
I must confess NewK I sold my placing shares on Thursday at 15.7p. The funds will just sit in my account until I get them back at 14p in a few weeks.
It wasn’t many, but the difference was enough to take the mrs out for a dinner and few drinks last night.
Small wins lol.
They’re not Xe123. It’s just 1 person, with nothing to do all day other than troll others.
No research, now information sharing, nothing relevant to add, just a broken record posting the same lines day after day after day.
KB - “He states within his article - "I can now reveal that an announcement will be made shortly"
Can you really, if so how? 🤔 “
Because Chariot told us in the RNS about the placing. He’s changed “imminently” (from the RNS) to “Shortly” (his definition of imminently).