Share Name Share Symbol Market Type Share ISIN Share Description
Cms Webview LSE:CWV London Ordinary Share GB0009580027 ORD 0.2P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.25p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Media - - - - 0.23

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Date Time Title Posts
08/10/201622:44Crown Point Ventures (Canada) - Moderated161.00
25/7/201008:44CMS Webview3,420.00
28/6/200717:11CMS Webview with Charts & News2.00
24/4/200715:02CMS Webview (CWV) my next tip5,501.00
14/4/200620:46Come over to CMS webview to recover your losses4.00

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DateSubject
13/2/2014
10:20
edgein: Pump, I don't believe you have missed the boat at all. If you read the bullboards there is a post saying that CWV had $65m in assets before this potential oil discovery. that's about 60c per share, around the current share price. This is a material announcement from CWV and its full of hints. Yes its a shale well and it won't give thousands of bbls per day flow rates, but it doesn't need to. YPF have already got their VM shale play up to 16000bopd and they're only getting started. CWV have said in the past if they get production from these two wells to be drilled they'll look towards continuous drilling. "The La Hoyada x-1 well was drilled to a total depth of 1,953 meters and encountered persistent oil shows and gas while drilling through the Vaca Muerta formation which consisted of 125 meters of shale and 84 meters of imbedded fractured igneous intrusives." So total oil and gas shows from the VM around 210m, very impressive for a nothern well in this play, its normally the southern gas wells with the huge gas window shale thickness. The natural fractures will do wonders for the permeability and trapped volumes in contrast to the tighter shale. "Crown Point believes that the presence of the oil shows and background gas demonstrates that the Vaca Muerta formation at Cerro de los Leones is mature and generating oil." Very significant that they believe that the source rock is mature and generating live oil, the next line reinforces this further: "Interpretation of samples and logs indicate that 36 meters of the total 84 meters of intrusives were highly fractured and had the best live oil shows during drilling." So the well has been fully logged and most likely cored and the samples have been sent to lab, the best live oil shows were in the most fractured part of the interbedded fractured rock in shale. Those live oil shows (the best live oil shows, not the only live oil shows) suggests a source rock present. A very telling line next too: "Similar igneous intrusives in the Mendoza portion of the Northern Neuquén basin are recognized as significant hydrocarbon reservoirs having produced over 26 million barrels of oil to date from areas surrounding Cerro de los Leones." "A potential analogy to the La Hoyada well is the Vega del Sol well x-1, located on the Cerro de los Leones Concession 4 Km. to the northwest of La Hoyada. This well was drilled in 1995 by YPF and encountered the Vaca Muerta 150 meters structurally lower than the La Hoyada well. It was completed in intrusive igneous rocks penetrating the Chachao formation and production tested at rates between 300 and 400 barrels of oil per day. Due to problems with the well cementation program it was subsequently suspended and abandoned by YPF." More hints that they believe this is an oil discovery. The summary is most telling of all though: "Crown Point believes that this drilling result is confirmation of the conventional and unconventional potential of the Vaca Muerta formation on Crown Point's 100% interest 314,000 acre Cerro de Los Leones Concession. Crown Point's geological model at Cerro de Los Leones has indicated an area of 350 km2 in the oil generation window." Now take some time to search for Exxon, Chevron, YPF and Shell in the Vaca Meurta and see what their capital expenditure is on drilling VM wells. Now you'll see that this £33m company (that has production and reserves elsewhere in Argie too) has one of the biggest licences in the oil generating window of the VM shale! These unfracced wells could add 300-400bopd of natural flow, aboviously frac will be neccessary for full potential and sustainable flow. True the champagne day will come when one of the majors buys out CWV, MVN and AEN. but in the mean time that is some result for a £33m company. We'll see within the next 24 months whether you'll have missed the boat or not. Also I'd imagine that those 10 wells (mostly infill) on the TDF will start soon for these guys too. At 25% or so wi not as influential as the VM stuff, but all the same will add to free cash flow with the new gas pricing in argie. Regards, Ed.
06/8/2007
10:42
canny lass: All is not over at the moment. As the share is currently suspended there is not a lot you can do. If CWV goes to the wall then your Crest shares will become void. If CWV should return to the market, possibly under a new name, then your Crest shares will have some marked down value. Just have to wait and see. I held NWD shares which went to the wall. Returned to the market under the name of Ovidia Investments. Only got 1 share for every 100 previously held, however the share price has since risen 10-fold now giving a 10% return on the value i had before the suspension. All hope is not lost for some return.
25/7/2007
21:37
chancer6: Brooksky, I've made my views known on many occassions since I started accumulating at these levels few weeks ago! IMO whatever happens at these prices it is a WIN-WIN situation. The company will either find a late buyer for the assets or another company will reverse takeover through CWV's AIM listing. AIM listing is worth 0.60m so 0.70 pence on the shares is fair value without anything else. If anything else happens i.e. sale of assets then that will be a bonus and a higher value than 0.70 pence on the share price!
08/7/2007
10:19
maxbubble: Cuddly Shell, bit of money in the bank, mid 30's seeks investor with GSOH, patience, and promise for blossoming relationship Picture the scene. Middle-aged, no business to speak of after your last partner did the dirty and walked out after just a few brief years of marriage. But there is a fair bit of cash left and, you know, you've still got your listing – which, like looks, is all important in the corporate dating game. Sound familiar? Read on. Former digital health television channel. New name. New boss. Some cash remains. Still no potential marriage partner. Or former dot.com wonder firm comes a cropper. Not a lot of money to account for, but an AIM listing and a willing board. This may all sound flippant, but the situation for the numerous cash shells that exist across the UK-quoted arena right now is similar to that faced by newly singles embracing the world of dating. Cash shells, by their very nature, need to be loved. Firstly by investors, so that share prices do not fall apart, and secondly by a business to hook up and to inhabit the shell. Shares' survey of the Official List and the Alternative Investment Market (AIM) shows that there are currently nearly 50 companies which could be referred to as cash shells, a figure that appears to be growing on an almost weekly basis. Cash shells, for those not in the know, are companies that have no operating companies/live operations within and whose sole purpose is to acquire an operating business ideally suited to it. The advantages for the business that is being acquired can be numerous, above and beyond the available cash that can be used for working capital or to fund future acquisitions. Many such businesses will have tax losses that can be offset against the new partner's operating profits, as long as the nature of the businesses/activities is similar. For a business ready to float, reversing into a clean shell can often cut down costs as it would bypass the listing charges and avoid the need to spend weeks if not months on institutional marketing to raise money. The phrase 'cash shell' can at times be misleading, however. A number of companies which fit into the category and actively promote themselves as such have little or no cash to speak of. They are therefore useful only for some of the above reasons rather than offering any form of liquid assets. But above all, as the detail contained within the table of the UK's quoted shells goes to prove, the key benefit of hooking up with an available shell is not just the cash in the bank but the personalities within that shell who may be useful in furthering a business. Would-be business partners aside, how about would-be shell investors? Shell investors fall largely into two categories: those who actively invest in shells to benefit from future uplift, and those who invested in the shell's original company before it either went bust or was sold. The fate for the second type of investors is not the best. They have lost out and they have ended up with shares in a company with no operating business, which is not ideal. But there may be some upside. For those who look to invest in shells, the world quite literally is their oyster right now, with 47 on the UK market at the time of writing and the prospect of more in the offing. Shell investment is made easier because they tend to be penny shares, so arguably less money needs to be risked. Of the 47 shells listed in the table, only four have a price higher than 100p, for example. One of the key problems is that there tends to be little or no institutional research on some companies. Rather than spending time putting out research notes and trying to promote the company's shares, when it comes to shells, brokers use their corporate finance teams to hunt down the right deals that will make the company worth more than just its listing gain. This is a process that inevitably takes time. Recent anecdotal evidence from some former shells suggests that companies can examine at least 50 potential contenders before choosing which to buy, and, even then, it can all fall down on due diligence. This does not make for a quick buck for would-be shell investors, therefore shell investments are best suited as a small part of a portfolio. This is not the case for everyone, however, and certain investors tend to favour shells more than others. So how then, do investors go about choosing where to put their money? Perhaps the most high-profile and most followed shell investor is Michael Edelson. Investors could do worse than to follow the aptly named shellmeister, who has just floated his latest shell, Nadlan (AIM:NAD) on 23 March. The man from Manchester knows precisely what he is doing – Nadlan is the 18th shell he has floated. Through Edelson, probably more than anyone else in the country, the market has witnessed a burning desire to list shell companies that will eventually become profitable entities and will be sold on at a significant increase to the list price. The chain of successful shells he has been involved in is significant, including commercial cargo container group Aerobox (AIM:ARX), which floated last year, and the infamous Knutsford, which at one time was rumoured to be bidding for Marks & Spencer but eventually had WILink (AIM:WLK) reversed into it. Some of his ventures have not been as successful – Manchester-based record label Poptones was eventually sold to founder Alan McGee and restaurant group Hartford (AIM:HAR) faltered under its celebrity status before being taken over by its current management team of Jamie Kowszun and Luminar's Steve Thomas. But it is his connections with celebrity and fame that have perhaps propelled Edelson's star yet further. Comedians David Baddiel and Angus Deayton both put money in to Aerobox, and other backers for his deals have included artist Damien Hirst, PR man Matthew Freud, and Elisabeth Murdoch, founder of television production house Shine and daughter of media mogul Rupert. In the business world, he is connected to former Asda boss Archie Norman, Richer Sounds founder Julian Richer and serial investors Nigel Wray and Nick Leslau. In fact, the table of current shells shows Edelson still sits on the board of Hawthorn Holdings – formerly Poptones – ahead of its pending reverse take-over. Edelson, above all others, has defined the way investors and the City view shells, and some of the lessons he has learned over the past two decades are valuable for all investors. In an interview with the Manchester Evening News earlier this year, Edelson quantified the key to his success. 'We look for companies to buy and float at what we feel is good value,' he said. 'I learn from every deal. We always go for quality of management in the businesses we buy, and try to find something that's different.' Personality in shells is key, and investors have to remember that. But one of the other key factors investors need to understand is that not all cash shells will bring fortunes, and those that do will not necessarily do so overnight. Take West175 Media (AIM:WEP) for example. After disposing of its television production assets, the company has entered a period of negotiation with its creditors to try to agree a company voluntary arrangement (CVA), a measure to avoid administration. West175's key asset is not its cash, of which it has little hence the CVA, but its board or rather its chairman David Montgomery. Montgomery, or 'Monty' as the media pack refer to him, is the former chief executive of Mirror Group and remains active in the media world. In December, he agreed the £46.3 million purchase of Trinity Mirror's regional titles in Ireland with the backing of venture capitalist 3i. Investors can be certain that once the CVA process at West175 is gone through, the clean shell that comes out the other side will not be left alone empty by Montgomery for long. Shell investing is intrinsically linked to personalities, especially when a company has little or no cash assets to speak of. There are two clear lessons to be taught here, one where the company has no money, and one where the company floats and raises a lot of money. Where the company has little money, the deal that will come on board will be all too dependent on that company's board. How active are they in finding a reverse take-over candidate? How many other companies are they talking to at the moment? How regularly are they updating the market? And, perhaps most importantly, how much money are they burning in the meantime? One striking example of cash burn is the case of Advance Capital Investment (AIM:CAN) that floated in December 2000 after raising £2 million. It has since burnt the best part of a third looking for acquisitions, of which to date there have been none. Equally, some companies float successfully and then bomb out, leaving them with little or no cash at all. Such was the case with Harry Coe's Leisure Ventures (AIM:LSV), which originally raised £500,000 in April 2002. Leisure Ventures bought the International Academy within a year of listing. The company effectively organised football-based touring holidays for school children from around the world, but it proved to be all too much for the shell to manage, and the business was eventually sold to German travel company TUI at a deep discount to the original purchase price. Leisure Ventures now has little cash, and its lacklustre share performance reflects that. An equally important lesson comes from the increasing trend of vehicles being listed as shells with the aim of acquiring operating businesses post-float. This was the case with Clapham House Group (AIM:CPH), which raised £15 million on the back of its two executive directors. Clapham House's key men are David Page and Paul Campbell, the former chief executive and finance director of Pizza Express. The money raised – and the institutions involved (Schroders owns a 24.3% stake, for example) – is testament to the City's belief in the pair. They have begun to repay that belief, buying The Real Greek just before Christmas, with plans to roll out its Greek-based fast cuisine houses in the next year; not to mention looking at other food-based offerings that can be invested in. What to watch out for in a cash shell One of the key issues with shells is that investors tend not to know what sort of business the company is going to acquire until it is announced to the market. Sure, some companies do tell investors which sector they might be keen to buy into, but it is only when a final announcement is made that anyone truly knows what is happening. This can be hazardous for the investors involved, as they have to rely on the due diligence carried out by the incumbent directors and have faith that the acquired business will lead to a better share price performance than could have been previously expected. Share price performance is a key issue with shells. Prior to entering talks, companies often see marked rises in share prices based on idle bulletin board speculation and rumour. This is not good for investors, as it tends to create an unfair in the shares. The second issue regarding share price is what happens when a willing partner is found. Time after time, a significant placing occurs, or a huge swathe of new shares is issued to the vendors, and the original shareholders are diluted out of the picture. This can be problematic, but investors need to ask themselves why they invested in the shells in the first place? Surely, 10 shares out of 10 million shares in a business that makes profits and could pay a dividend is better than 10 shares out of one million shares in a business going nowhere? But, not to put too fine a point on it, what it all comes down to is personality and, without a strong front man, a shell is arguably going nowhere fast. It does not have to be a famous personality, although that helps, and the list of key individuals that runs down the table of shells reads like a who's who of modern-day business entrepreneurs. Luke Johnson, Hugh Osmond, Mike Blackburn, Julian Richer, Shami Ahmed – all of them have done it before, and, undoubtedly, all of them will do it again. When it comes to shells, personality, above all other things, is king, and so, rather like, dating, investors need to be check out just how compatible they are before spending even a penny. Do you know of any other cash shells? Shares has aimed to provide a comprehensive list of all known shells, as opposed to investment companies, on both the Official List and AIM, but one or two may have slipped through the net. If any readers do know of any other shells, do not hesitate to e-mail jquinn@shares.msm.co.uk with the details so that they can be tracked in future surveys. Meon Capital (AIM:MC.) David Massie did it before with Darwen Capital, now trading as ATM distributor Scott Tod (AIM:SCD), and the chances are that he will do it again with Meon Capital. Massie, a serial entrepreneur, has won a lot of fans following the deal to buy Scott Tod, and this has given him increased potential support when it comes to raising funding in the future. Meon's current cash balance may be just £1 million, but Massie was keen not to raise too much only to have it sitting in Meon's bank accounts. The strategy with Meon is similar to the one he adopted for Darwen: to look for undervalued companies, whether in the quoted or unquoted arena. Massie, who is also executive chairman of mini-conglomerate IAF Group (IAF), has the benefit of a strong board to help assess potential acquisition candidates. Former Old Mutual senior corporate finance director Graham Ashley is on his team, as is Robin Davies from Penna Consulting (PNA). Potential investors should not expect a deal overnight for Meon, which only listed in February, but when a deal does come along it is bound to be earnings enhancing. Acquisitor Holdings (AIM:ACQ) Name sound familiar, at all? It should. Acquisitor's 'sister' company Acquisitor Holdings (Bermuda) (AIM:AOB) is the company currently trying to unseat the board of former FTSE 100 darling Baltimore Technologies (BLM). But the original Acquisitor entity has just as much potential as its Bermudan-registered investment vehicle friend, with active investor Duncan Soukup on the board of both. Soukup is deputy chairman of the Bermudan company and managing director of this entity. He is joined on the Acquisitor Holdings board by Luke Johnson and Chris Mills of JO Hambro. Acquisitor has around £400,000 cash in the bank, but also has a strong institutional shareholder base that could be mustered to fund any acquisition. Holders include Scottish Value Trust, North Atlantic Smaller Companies Trust, Framlington and Swiss Life. The company, which transferred its investment assets to the Bermudan entity last year, is now on the look-out for a reversal. Finance director Tim Lovell is on the hunt, and Shares would be surprised if it failed to complete some form of deal by the end of the calendar year. Mark Kingsley (AIM:MKP) Little-known Mark Kingsley is a classic cash shell. The company was originally called Soundtracs, and focused on making and selling digital-sound consoles for the media and entertainment industry. But the market for such products became more competitive, and a company of Soundtracs' size could arguably not compete with the larger players. So a buyer was found in the form of US investor DiGiCo, which acquired the business for £1.1 million, double its book value. This left it with the cash, some decent property assets, and a shell to be filled, which was renamed Mark Kingsley. The chief executive is still former Soundtracs boss Todd Wells, who has been actively looking for a suitable profitable investment. Shares understands that Wells may well be very close to announcing details about such an investment, and given the amount of cash in Kingsley, there may not be a need for such a significant dilution as tends to be seen with cash shell reversals. Investors should also be buoyed by the fact that West Midlands entrepreneur Bob Morton has a 10.4% stake through his Southwind investment vehicle. One to watch. Silentpoint (AIM:SLP) Silentpoint was one of the dot.com darlings that missed the boat, having floated in late 2000 with the aim of snapping up a deal in the internet retail or marketing arena. It failed to do so, and was taken over in summer 2002 by a consortium of individuals that gained a 29.9% stake. They included Smit Berry, publisher and author of tip-sheet Small Company Sharewatch; Haresh Kanabar, chief executive of troubled gaming group Gaming Insight (AIM:GIN); and Paul McGroary. Investors include McGroary's Eyeconomy Holdings (Ofex) that owns a 10.5% stake. Cash and quoted investments stood at £1.25 million at the end of October, and early indications had suggested that chief executive Berry intended to use the vehicle for investing in companies featured in Small Company Sharewatch, although this may have fallen at the first hurdle due to regulatory requirements. Chairman Kanabar says that it is now on the look-out for a 'truly compelling situation', and in the meantime will invest in a number of under-valued situations. One to watch.
05/7/2007
09:44
rmart: Reverse takeovers Reversing is a quick and easy way onto AIM for ambitious entrepreneurs. But how do you reverse into an old shell and how can you set up a new one to pursue acquisitions? To expand its horizons beyond Wales, Tinopolis took control in February of the remains of a quoted investment business that had decamped to Bermuda. As a specialist producer of TV programmes in Welsh, Tinopolis knew next to nothing about what its target, Acquisitor, used to do. What mattered was that it was now a £1 million shell listed on AIM. For Arwel Rees, managing director of the Llanelli-based TV production company, it was an opportunity to gain a listing without going through an IPO. It was not so much the speed of the deal that appealed to him, although the transaction only took three months. What excited him was the certainty of the result. Lower your risks 'The risk in any IPO is that you can go a long way down the line and have to pull it,' he says. 'With a transaction like ours, this risk is severely diminished.' Tinopolis is now one of the big three production companies outside the M25, producing 600 hours of programmes a year with annual sales of £8 million. 'We are as strong as we want to be in Welsh-speaking production and can grow organically. We are now looking for acquisitions outside our realm. Listing on AIM gives us the ability to raise new funds at the right time and allows us to be at the heart of any future consolidation in the fast-changing TV production industry.' At first sight, it might have appeared that Tinopolis was acquiring Acquisitor. In fact, it was a reverse takeover. Under the AIM rules, this occurs when a smaller AIM entity (in this case Acquisitor) buys a target larger than itself, requiring shareholders to be consulted about any changes in the nature and control of the business. Acquisitor was open to taking this approach, says Rees, even though its original business was far removed from TV production. 'As long as we had a business and a strategy that was reasonable, they were happy to move forward.' The deal was worked out on the basis of 41p a share. For their pot of £1 million, Acquisitor shareholders took ten per cent of the enlarged company, which is now listed on AIM as Tinopolis. After the deal, all of Acquisitor's former shareholders remained involved, giving Tinopolis an immediate institutional base. So far, the switch from Bermuda to Wales is paying off, as the share price has moved up towards 50p. In from the cold Reversing onto AIM in this way can be quicker and cheaper than a conventional IPO, as you avoid many exhausting and difficult regulatory hurdles. You also save time in introducing yourself to fund managers and analysts, as your cash shell will already have done this for you, although you will still have to produce a public share document. For international companies, it can be a particularly attractive option, as they would otherwise have to present themselves to the market cold. Among the 41 reverse takeovers on AIM last year was Content Film from the US, which took control of Winchester, a listed European distributor of films. In effect, it was a back door listing with a £9 million exchange of preference shares and a private placing of £8.5 million. The name of the enlarged group is now Content Film and there has been a change in board control. In this case, the deal was brokered by the chairman of Content Film, who also sat on Winchester's board. For those without such contacts, corporate finance advisers usually have a list of potential targets. Or you can just make a direct approach. Shells sitting on a pile of cash accumulating interest should be open to all manner of serious investment proposals. Details and diligence If you are thinking of reversing into a cash shell, Linda Main at KPMG Transaction Services advises that you need to check they are as clean as possible. 'Make sure they have genuinely disposed of businesses for cash and that there are no nasty loss-makers still lurking. You don't want any liabilities to come back to haunt you. Using a reverse takeover to list sounds attractive, but it can at times involve just as much work as an IPO.' Reverse takeovers, she believes, are likely to be more attractive for new cash shells that are brought onto AIM with the express purpose of making acquisitions. 'Sometimes investors are prepared to back the individuals to run a business. 'It is easy to produce the information for a listing because the company hasn't done anything. All you have to say is that your intention is to make acquisitions. 'You then have the finance in place with cash on your balance sheet, so you don't have to negotiate with banks or do a placing. It gives you certainty that the market won't turn against you. Once you make the acquisition, you have to produce a new admission document and produce all the information on the target company as if it was floating in its own right.'
27/6/2007
14:42
grahamburn: Think the recent debate here is wide of the mark: the company is only increasing the authorised share capital. That doesn't mean the shares are going to fully paid up (ie issued). If that's the case there will be no effect whatsoever on the share price. It just means the increased share capital can be issued quickly if required.... possibly even for a takeover (if the share price supported such a move!!!)
22/2/2007
13:56
jpeacock: AlwaysBanking - Sorry to hear that. On a positive note it's not like you had aspirations of becoming a millionare like Mr Antell. More to the point you probably were never a CWV paper millionare like Mr Antell! His paper wealth was at least 2 million quid (say a share price of 15p in the good old days). This has been castrated to about 100k and even now he can't touch this as real money. If he did the share price would just bomb out to an infinitessimely small number. Anyway, hope you can offset your losses against current and future gains. The loss can be carried until you die apparently.
05/1/2007
10:03
pc4900074200: Well as many are placing their buy confession on the bb with comments? Here's mine? Bought @ 00.16p several years back and averaged down to 00.0483p. Sick to death of hearing the 'we have an offer / no we don't'. Looks like CMS have 'cried wolf' more times than the lad in the fantasy storybook. Each time not releasing details. What harm is there 'after the fact' to release details. It leaves us with the thought, 'Fact or fiction'? Reading another BB the other week there was a piece on market manipulation? Note the section in red. http://www.uksharenet.com/article_market_makers3.shtml Market Maker FAQ v1.0 2. Market Manipulation or doing their job? a. Do Market Makers manipulate the market? i. "Market Manipulation" is an emotive term, and conjurors images of shady deals and exploitation. Market Makers are not elusive companies that appear then vanish overnight. Market Makers are duty bound to make a market and to meet the needs of those they are responsible to (See 1d.) to this end they may try to influence the market. b. How Do Market Makers make their money? i. Market Makers make money from buying shares at a lower price to which they sell them. This is the bid/offer spread. (See 4.) The more actively a share is traded the more money a Market Maker makes. c. Surely a Market Maker raising/lowering the price on news/rumour without any buying or selling is manipulating the market? i. No, not really. If the Market Maker was to keep the price steady on the release of news they would find themselves with lots of buys or sells which they had no choice but to fulfil at the screen price but before they could find matching orders (buys for sells, sells for buys) they would have to change the price and they would then loose money through market exposure. This is bad for them and for us. (See 3.) d. Why do Market Makers raise prices on Monday morning for shares tipped in the Sunday press? i. This is the same as question 2c, because the Market Maker needs to ensure that there are enough sellers to fulfil the needs of the buyers responding to the tips. e. Suppose my screen shows all sells and the price is increasing, what is the Market Maker doing? i. An explanation of this phenomenon is given for Tadpole, which very briefly shot up to 73p before settling back comfortably to the 50p support level. The likeliest explanation is that the Market Maker had an Institutional order to fill and no stock to fill it with (this trade would not have shown up on peoples screen until somewhat later), under thier obligations to create liquidity in the share the Market Maker is obliged to gather a stock holding, only possible if they can encourage people to sell, which can be achieved by raising the price. The order is likely to have been large enough to be significantly outside the NMS thus allowing the Market Maker to gather a fairly significant premium on the price (probably being some-where between 50p and 73p allowing the Market Maker to offset gains against losses and still profit). Once the order is filled and the market volumes return to thier "normal" levels, so does the share price. f. Do Market Makers ever lower prices to "panic" investors into selling, sometimes called "shaking the tree"? i. Yes, moving the price up, encourages sells, moving it down also encourage sells, take another look at Tadpole, in the first instance, the price was hiked way up despite the 50p support level, but at 50p few of the people who got in between 20p and 45p are going to sell (and look how many buyers there were still at 50p), the rise was meteoric, smart money just ignored it as it only lasted about 2 hours, but what was probably caught was huge investors who were in way before 20p and had forgotten about it, now they want out. The Market Makers order gets filled, the price settles back to a smart support level and volumes decrease, however the Market Makers gets another order to fill, maybe not so big, maybe not so prepared to pay the premium, but you also know that there are a lot of people out there waiting to see if it's going to shoot up past the 50p support level again or dip and if it dips they're going to sell now before it dips back past their 100% profit level. g. Surely delaying the posting of trades is Market Manipulation? i. This was allowed as part of the SETS trading system when institutional investors pointed out that with 100% transparency, any other institutional investor would be able to trade against that position which would put their client holdings in jeopardy. Further, with 100% transparency, if it could be seen that an institutional investor was (for whatever reason) adjusting a large holding in a particular company it could also scare private investors into selling or alternatively encourage them to invest without doing thier own research. Both scenarios lead to either over- or under-selling and an inaccurate reflection of the company in the share price as a direct result. h. Do Market Makers try to reduce volatility? i. Sometimes, usually at the request of the client (see 1e), this is mostly done by increasing the bid/offer spread therefore discouraging trading especially by day traders and also by marketing the clients shares to institutions in the hope they will take up long term positions. ii. By asking their client to reduce the number of news releases. i. Do Market Makers encourage liquidity? i. Yes, partly because they have a duty to their client to ensure an active marking in their clients shares, and partly because they have a duty to their shareholders, it is only through trading/liquidity that Market Makers make money. j. How do Market Makers encourage liquidity? i. Partly just by being there, by being the enabler to liquidity, they will always buy or sell shares if you want to. ii. By narrowing spreads. iii. By encouraging their client to produce news releases. How long have we had a very large spread? We have no institutions interested? One ask's if they have been asked to keep the spread wide? pc
04/11/2004
12:35
scumdog: Good afternoon all! What a pleasant day it is . . . the sun is shining . . . Bush has won the election . . . the CWV share price is up . . .
24/9/2004
09:41
shelsby: Sounds very nice Axe, certainly beats sitting in work and watching the CWV share price!!! Off to Spain next month for a couple of weeks to check on the progress of a apartment we're buying in Puerto de la Duquesa. I'll enjoy chilling out with some nice food and rioja. keep well
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P:40 V: D:20161203 13:49:40