Cloudified Share Discussion Threads

[daddy warbucks] 14/8/2016 17:22

If a director was buying whilst OOC negotiations are taking place, then it could possibly be insider trading.If a director sells whilst OOC negotiations are taking place then it would only be insider trading if the talks were known about and going badly.I point out the following from my last post which has changed the perceived definition of a closed period......."It is also worth noting that, unlike the concept of a prohibited period under the Model Code, the prohibition under MAR does not extend to other periods where the company is in possession of unpublished inside information (although dealing by insiders during these periods would of course be restricted by the more general application of the rules around insider dealing)."

[daddy warbucks] 14/8/2016 13:32

Closed periods – overview of key MAR requirementsMAR includes a prohibition (subject to limited exceptions) on PDMRs (this prohibition does not extend to CAPs) conducting any transactions on their own account or for the account of a third party during a "closed period" of 30 calendar days before the announcement of an interim financial report or year-end report which the issuer is obliged to make public under the rules of the trading venue where its shares are admitted to trading or national law. 16The terminology (transactions on own account) is essentially aligned with that used in the context of disclosure of PDMR/CAP dealings, although it is unclear how the closed period prohibition will operate in respect of transactions over which the PDMR has no control (for example, automatic conversion or vesting) and further guidance from the FCA in this area would be helpful.This definition of "closed period" in MAR differs from the provisions of the Model Code in various ways. For example, the 30 day period is shorter than the Model Code provisions relating to year-end reports (currently 60 days or, if shorter the period between the end of the financial year and publication) and half-year reports (currently the period between the half-year end and publication). It is not entirely clear how the rules will apply where companies produce preliminary results announcements and whether this will end the closed period (as is currently the case under the Model Code). It will be important for the FCA to provide additional guidance in this area prior to the revised rules coming into effect.It is also worth noting that, unlike the concept of a prohibited period under the Model Code, the prohibition under MAR does not extend to other periods where the company is in possession of unpublished inside information (although dealing by insiders during these periods would of course be restricted by the more general application of the rules around insider dealing).MAR does envisage that certain transactions should be permitted during a closed period either:• On a case-by-case basis as a result of exceptional circumstances, such as severe financial difficulty, which require the immediate sale of shares (this is very similar to the current exemption under the Model Code).• Due to the characteristics of the trading involved for transactions made under, or related to, an employee share or saving scheme, qualification or entitlement of shares, or transactions where the beneficial interest in the relevant security does not change. The list of specific exceptions contained in the Draft Regulation in this context (although expressed to be non-exhaustive) is narrower than the list of exemptions that currently apply under the Model Code. For example, it does not include specific exemptions relating to acceptances of takeovers or rights issues.

[daddy warbucks] 14/8/2016 13:18

We had that discussion on Friday! ;0)

[neo26] 14/8/2016 13:06

DaddyWAR

Directors cant trade share if they are negotiating, that would mean they are in "close period". Come on Warbucks.

[daddy warbucks] 14/8/2016 12:59

Maybe the price was rising too early and IF Churchill are in settlement talks, they could hardly put an RNS out saying we know of no reason for the rise.If the rises kept coming, speculation about talks could well have taken off, putting both parties in an embarrassing position.

[debbiegee] 14/8/2016 11:52

I wonder if when result is ready [IF WE WIN] if there will be a rushed settlement before published
Either that or re-rating and perhaps talks will begin or DQ will take it longhaul for a better award.

Exciting times !

As shown in previous post,the market didnt worry about the sale and marched on to strategic points .
So why should we worrry and keep harping on about it ?

[neo26] 14/8/2016 11:41

I want the 7000 post, :)

So no settlement talks at present, roi have no shame..

[neo26] 14/8/2016 11:35

Pug

The share price didnt jump that high to think of that, CHL would expect share price to rise in anticipation of forgery result anyway, which they say is in September.

Its baffling why a director will sell at this time, especially when we have some uncertainty.

[debbiegee] 14/8/2016 10:27

I dont think so pug as the market continued buying after rns
RNS was at 9.12 am

28 -28 25. at 9.10 am

28.25-28.50 at 9.15 am

29-30.25 at 10.19

Perhaps it reached a strategic point [see chart ] for profit taking or even a few shorts.
People were then happy to buy back at 27 or have another oportunity to buy under 28.37

[pug151] 14/8/2016 09:42

Or to ask the question another way can anyone think of a company that has acted in this way to prevent a share price rise - lse rules have allow for a ' we know of no reason' option. The timing and situation is very similar to a pending drill result. Of course the share price will rise on speculation quite impossible to stop it by selling a handful of shares barely enough for two first class tickets to NYC

[debbiegee] 14/8/2016 09:39

Maybe tax reasons or transferring some to family as presents who knows ?
I would certainly think about transferring a few to grandchildren if I had any.
We may never know but not enough to worry about.
After the dip another 200k app were bought as buyers saw 27 as dip to be bought

[pug151] 14/8/2016 09:32

Why would chl want to do that ?

[neo26] 14/8/2016 01:19

still baffles me why that director sold poxy 20k shares.

Why wouldn't he wait till sept he could have possibly doubled or trebled his disposals?

[bobic] 13/8/2016 21:18

Highest finish for 9months,let it continue.

[baxter99] 13/8/2016 09:15

Or as Voltaire said... "Le sens commun n'est pas si commun"

[mrshaungcm] 12/8/2016 20:08

common sense - aint a lot of that around

[neo26] 12/8/2016 18:54

DebbieAgreed. I think common sense will prevail, September is fast approaching..

[debbiegee] 12/8/2016 18:27

Patience no worries.

A lot of traders bought as we xed 25 so we hit 30+ offer or crossed 28.37 mid
a bit too quick for them to resist.

What happened as we hit lows of the day though ?
Look at the afternoon trading
Not manic but mainly buys ,more or less another 200k of buys and not so many sells.

Nothing has changed for me and happily waiting for result and consequences

[pug151] 12/8/2016 18:02

What also happens is that Alliance News picks up the bare bones and gives headline ' non exec sells shares' whereas the story is really - 'non exec with huge holding sells 4.7% for some personal reason of no interest to anyone else in the known universe'

[pug151] 12/8/2016 17:00

I agree Carlo.

[theunluckyone] 12/8/2016 16:30

neo26 - If that was the case the stampede for the door would have been immediately after the announcement was released not two hours later surely ?

[neo26] 12/8/2016 16:23

Maybe this (RNs) was the reason why share price climbed high last few days. A whisper of an RNs but no one knowing what for..