Itv Share Discussion Threads

[hodhasharon] 29/1/2021 13:21

Oh dear. A warning perhaps?

Just saying!

[nige co] 29/1/2021 13:17

Thanks Mattisian2. Much appreciated.

So the transcript was 5th Nov 2020 with a 30% position unwound, so I guess that they have unwound 100% now.

[hades1] 29/1/2021 13:12

Mattisian2
Thanks helpful
We have a level playing field again.
I assume ITV are now 'on watch' - So to speak.
They still have the 9.9% but averaged down the price as they moved from option to actual.

[mattisian2] 29/1/2021 12:53

Continues
“ But look, we're going to be the second largest telco in this market. Second only to BT, in our view, is a small stake, and the largest broadcaster could be strategic. Defensively? Offensively? I don't know. But there's an opportunity to own that stake for 70% less than you thought we owned it, and we think that's a good trade. So we might look at that. We might not. We could hedge the position again once we unwind it. We could also hedge it again. So -- and expect us to be as financially astute and to take advantage of any opportunities around it to average down and be in a stronger position than we were a year ago on that strategic take -- position or strategic stakes.”

[mattisian2] 29/1/2021 12:50

This is from the Q3 2020 Liberty results call transcript Q&A:

“......And then secondly, just interested to get your updated thoughts on the ITV stake. I believe that that collar position you have is now unwinding, I think, about 30% unwound in the quarter. So you're now running a kind of economic stake with equity exposure on the ITV stake again. Just interested in your thoughts on the kind of rationale for continuing to hold that, and what you want to do with that stake longer term? Thank you.

Mike Fries -- Chief Executive Officer

I'll take the second one. Lutz, you can take the first one. Look, on ITV, as you know, James, when we originally acquired our position some time ago, our average cost is well over GBP2. Fortunately, we collared that position and had virtually no economic exposure to the ups and downs of ITV. As those collars are expiring, we had a choice to make, and we decided to average down the price, around 70% or more. So we're essentially owning the shares that the market thinks we own anyway at about a 70% reduced price. In our minds, that was worth exploring, and we are doing that from time to time, and we think that's smart. We have no intention of doing anything with the stake. We have no intention of doing anything with ITV.”

[nige co] 29/1/2021 12:29

Thanks Mattisian2, yes I am aware that GS were only loaning LG's 9.9% ITV shareholding, and it very much looks like LG have withdrawn this loan, that's resulted in GS cancelling their outstanding (214) options. I guess my next question would be why would LG cancel their loan agreement with GS? When LG will have been making a handsome amount of money loaning their holding. I'm hoping that all will be revealed in good time. Maybe LG have a buyer for their holding, or plan to use it themselves. Thanks for your input.

[hades1] 29/1/2021 12:28

As they still claim the 9.9% (recently checked LG web site - took hours so don't ask for link!)
I assume that's where some of the missing shares went - replaced the hedging that produced the increased 9.9% stake.
We can only guess at the reasoning but it will have cost LG a fair amount of extra cash.
Please DYOR

[mattisian2] 29/1/2021 12:15

To Nige,
I think all the GS options (the 20% “stake” at peak) relate to the “collar” hedging arrangement that Liberty have/had with GS. Liberty has basically progressively unwound this arrangement (see Liberty Q3 2020 results call transcript). So all the options between Liberty and GS have “gone” and Liberty currently hold their stake unhedged.

[hades1] 29/1/2021 11:27

BARCLAYS RAISES ITV PRICE TARGET TO 115 (100) PENCE - 'EQUAL WEIGHT'

[nige co] 29/1/2021 11:17

Regarding yesterdays RNS announcement from Goldman Sachs regarding their latest shareholding disposal in ITV that now stands at 1.74%, down from a high in August 2020 of over 21%, 9.9% of this holding was on behalf of Liberty Global.

I've done a little digging on the following.....
On 20 Jan 2021 GS disclosed that they had 218 options open that consisted of CFD's, Call Options, Put Options, swap's & Call Warrant's. They reported yesterday that they now only have 4 swaps open, so they have cancelled the other 214 options. What has spooked Goldman? It takes a lot to spook these big boys.

[alex1621] 29/1/2021 09:14

The share price upward trend has coincided with the downward trend in Goldman Sachs positions. I've always suspected that they've gamed ITV but I've never read any reference or confirmation of that in a national newspaper ... so I'm looking forward to reading Ivan's Daily Mail link? But not holding my breath!

[nige co] 29/1/2021 09:03

Does anyone have this information to hand, how many call & put options have GS cancelled? I see from yesterdays RNS announcement that they only have 4 swap options remaining, also reducing their shareholding now down to just 1.47%, down from over 21% in August 2020.

[alex1621] 29/1/2021 08:35

I read the Daily Mail and saw no mention of ITV ... in regard to Goldman Sachs or Marshalls? Do you have a link?

[hades1] 29/1/2021 08:34

Similar.
I am hoping for multiple bid interest but not convinced as if LG enter many will back away.
The book is a bit quieter today.

[nige co] 29/1/2021 08:26

I'm fully invested Hades otherwise I would be purchasing ITV. I strongly think that GS have moved for a very good reason that will come out soon. What is your take on it? Cheers.

[hades1] 29/1/2021 08:19

Nige
I would think of averaging down if entry price above 150p.
just a thought.
Best

[netcurtains] 29/1/2021 08:15

Looks like Sachs is now, more or less totally out of ITV....
Interesting...

So who has the shares?

[nige co] 29/1/2021 08:09

Ivan, so Marshalls have closed their ITV short?

Something has definitely spooked Goldman Sachs, big boys don't move like that for nothing. What do GS know?

[ivanborsky] 28/1/2021 22:08

ITV was mentioned in the on-line Daily Mail Business section with regards to its shares being shorted since 2016 by GS and Marshalls. Redditt is now gathering momentum, its on the News at Ten on ITV. Maybe this was why GS and Marshalls were quick to close that short trade and for GS to get rid of 5.49% of ITV, or should I say hide the stock where no-one can find it !!!

[nige co] 28/1/2021 21:17

ITV ADR's closed up on more than 3 times the average volume of shares traded @ 14.69 +0.41 +2.87%........After Hours 14.76 +0.07 +0.44%

[jacko07] 28/1/2021 18:03

I heard that ITV are going to be bought this week.

stewart19. You heard the shares were going to be bought, or someone was going to buy the company.

Lost in translation.

[netcurtains] 28/1/2021 17:30

Gut feeling is when ordinary people start making money on silly Reddit threads we know that the boom is over and a correction is coming.

[stansmith3] 28/1/2021 16:06

just to clarify by us i meant us not usalol