Blackrock taken a stake at 6.5%. share price lowered to let them in perhaps. They will have the longer game in mind. |
And Ashmore's latest :
.."Argentina: Argentina’s Congress approved President Javier Milei’s signature pro-business reforms, marking an inflection point for the outsider to govern with a hostile political class he continues to rail against.
The Chamber of Deputies passed a sweeping bill, known in Spanish as the Ley de Bases, early Friday in a final 147 to 107 vote.
The biggest victory came minutes later, however, when lawmakers also approved the return of income taxes in the accompanying fiscal package by a narrower 136-116 margin, reversing the Senate’s bid to undo the measure.
'Steady as she goes'...
GLA |
Just in from Seb
🔴In the coming days/weeks, the Second Circuit Court of Appeals will publish its ruling regarding an attachment authorized by Judge Preska in 2022. Attestor Master Value and five other funds are authorized to take possession of U.S. Treasury bonds that Argentina used as collateral for the Brady Bonds that matured in 2023. The beneficiaries of the attachment are holdouts who have not yet collected the judgment from Judge Thomas Griesa.
GLA |
It couldn't happen directly, but an'understanding' with a SWF could be cobbled together. Still seems improbable. |
Burford don't own all the case though, so wouldn't solve their problem. |
It would be cheaper for Argentina to buy Burford than what it is on the hook for. Hasn't happened yet, so won't. |
Takeover of what ? |
Would blame a takeover here with the argi money involved |
If that volume number is correct, given the index rebalancing. Hopefully that's a large overhang cleared. |
Seems odd that the share price was in a narrow range, That level of volume is not something I have seen with this company since I started investing in this 4 years ago |
Yesterday was one of the biggest trading days of the year in the US as people trade before the index rebalancing. |
Just looking at the reported Nasdaq trading volumes.If they are correct,and I stress if,then it would have to have been an arranged block trade,otherwise it would have dramatically impacted the share price.
If it's genuine,expect an RNS on Monday. |
 Ashmore's latest :
.."Argentina:
Under International Monetary Fund (IMF) guidance, Argentina is pursuing measures to stabilise its economy and bolster foreign exchange (FX) reserves. This includes raising real interest rates to positive levels and eliminating currency controls.
As part of these reforms, the government plans to phase out a mechanism allowing exporters to sell 20% of their dollars at higher exchange rates by the end of the month.
However, inflation remains a significant challenge, projected to stay high at 69% over the next 12 months. This situation may require interest rate hikes from the current 40% levels.
President Milei's fiscal austerity measures have shown promising results, with monthly inflation reduced for five consecutive months to 4.2% in May, down from a peak above 25%.
President Milei is seeking additional IMF funding to facilitate the removal of currency controls and capital restrictions. This move aims to reintegrate Argentina into international debt markets following its recent debt restructuring in 2020. |
Sebastian Maril
@SebastianMaril
15 hours ago.
🔴Judge Preska has permitted Argentina and the judgment creditors to file additional briefs regarding the creditors’ attempt to take possession of YPF shares owned by the Republic. Argentina will submit its brief on June 28, while the creditors will file theirs on July 8. In my opinion, this move by the judge suggests that there may not be any oral arguments and that she will rule on the turnover motion based on the written submissions.
GLA |
Generally seems to make better gains in the approach to results, then drop or spend a couple of days thinking about slightly better ones. This is most odd- short interest seems steady and not huge. At least Labour won't have any capital gains to liberate me of! (my biggest investments were north of £16 and only piling in during covid saves me complete embarrassment). |
Might be worth buying back just before next update if it continues to drift lower. I've been out for a while as expected to it to remain weak for time being, and suspect the YPF thing will drag on for years so can't get excited there. |
It's currently bouncing above 10 support. If it breaches that next level 9.12. Still 6 weeks to interims. Q2 23 revenue was only $44m so should smash that number, but to bring half in needs $381m in Q2 24. The hints are at a strong H2 but nothing guaranteed. I should have sold more after 12th April when £13. .It may take rest of this year to get back there if no YPF payout. Still record deployments will bring it back eventually unless you believe they have a darker plan, which I don't. |
1st circle - gap
2nd circle 50mda and 200 mda
AND |
From Seb YPF submits its initial defense in the expropriation appeal. The oil and gas company aims to convince the Second Circuit that Judge Preska's March 2023 ruling in its favor was correct. The Republic is set to file its own brief later today. |
It kinda doesn't wash for management to keep this such a black box, with terrible returns for investors, while they have total insight of what's inside, and could take it private prior to large realisations. |
I took as a positive call but nothing that will drive the share price until the revenue shows up in the earnings. |
World call - Nothing new specifically.At 34 mins the message from Andrew was the portfolio is very active. He later described as supernormal level of activity.A lot of covid delayed work is still being worked through.Sundance is arbitration which will not be discussed unless agreed with Client. Do not get hooked up on 8 billion it's not like YPF..Sysco progressing but defendants putting up a fight as would be expected.He was very clear that he understands the frustration with lack of visibility of income but nothing he can do about it..No interest in buy backs as they want shares to be liquid. .No interest in increasing dividend as tax heavy in states..More than 50% owned now state side.. Portfolio current 7 Billion |
And, from Ashmore :
.."Argentina: The Senate approved President Javier Milei's first set of austerity measures with a narrow vote of 37 to 36. The measures still require approval from the Lower House before becoming law. Since taking power, Milei’s government's weakness in Congress and opposition to pension reform has hindered the implementation of his market-friendly reform agenda. The omnibus bill approval will be an important milestone, proving the government can negotiate despite its relative weak position in the legislature. The government remains committed to its fiscal consolidation agenda, targeting a zero fiscal balance for 2024. The recent plunge in inflation should help support Milei’s popularity for longer. Milei needs investments to boost GDP growth and employment before mid-term elections in mid-2025.."
GLA |
From SebThe IMF suggests that Argentina should "resolve over time" its ongoing legal proceedings to regain access to international capital markets and to ensure that the current optimism about the country's future, as reflected in sovereign bond prices, does not suffer a setback. |
Kuk1doh, that Executive Power didn't make the final version of the bill. |
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