BR currently hold a 45% stake in M&G, through their various tributaries.
Not sure what's going on here, it's even starting to confuse me. |
Presuming that M&G have been selling over a period then you would have expected disclosure as their shareholding fell through the bands ie 9 percent ,8 percent etc but that hasn't occurred.So maybe it was a block trade.Yet given that M&G no longer think they have a notifiable interest at just under 5%,they appear to be conforming with the disclosure rules pertaining to a non UK issuer.Helpful but invariably confusing these disclosures.i suppose you just have to make do with the fact that we know M & G have sold half their holding. |
 An understandable mistake Harry if indeed it is a mistake.I suppose M&G know better than us.I thought it was 3 per cent.Disclosure must be reported within a couple of trading days unless its a non UK issuer,then its 4 days.Sets of rules cloaked in exemptions and complications that have companies wishing to go private.Under DTR 5.1.2R, a person must notify the issuer of the percentage of its voting rights they hold as a shareholder or are deemed to hold through their direct or indirect holding of financial instruments falling within DTR 5.3.1R (1) or a combination of such holdings, if the percentage of those voting rights:reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% (or in the case of a non-UK issuer on the basis of thresholds at 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%) as a result of an acquisition or disposal of shares or financial instruments falling within DTR 5.3.1 R; orreaches, exceeds or falls below an applicable threshold in (1) as a result of events changing the breakdown of voting rights and on the basis of information disclosed by the issuer in accordance with DTR 5.6.1 R and DTR 5.6.1A R. |
Thanks bunlop. I honestly thought it was simply UK 3% non-UK 5% but have edited now to make me look slightly less daft. |
Harry. I think funds have a 5% notification threshold. |
M&G have held the position in OXB for many years, at varying levels.
It does seem they were net buyers in the year Jun 23 to Jun 24 and have now sold down a chunk.
Harry - M&G have crossed the 5% threshold, not 3%.
So have gone down from around 6.7% to 4.9% (as of yesterday). |
My mistake there - days and years - confusing people since... |
They bought the entire position between June 23 and June 24 according to the accounts so they may have made a decent turn and decided to move on. Perhaps their best performer in the fund looking at some of the other holdings - said in jest of course.... |
Hopefully they were placed with one party at a discount to the recent dip, and a further announcement by that party of an increased holding will give us all a bit of a boost............before the market ignores us all over again.
nil desperandum; there are still 343 days to Christmas so the promotions are some way away, although with consumer/business confidence tanking they might be even earlier this year! and with no news this one is not being promoted!
As an ultra- long term holder I do agree, however, with Mr President about the underlying value should our favourite shareholder put their building blocks together.
The Parkinsons disposal was probably timed post-year-end so that the write-off visibility could be deferred. Hopefully because much better news would overshadow it.
If it doesn't there's a decent, nuts and bolts trading business here. But it may be a bit pedestrian and Frank's sell-offs/withdrawals - sensible from a cashflow perspective, perhaps - has removed a bit of allure.
Lets hope there is a "good" RNS soon.............. |
M&G holds OXB at 2% in M&G recovery fund....is that where it is being sold down from?
c.6.4m shares at 30/6/24 or 25.6m |
M&G were at 7% in the annual report. That was before the last tranche of the IM shares were issued, so the effective holding would be closer to 6.7%. So the sell down has been less severe than the holdings announcement implies. |
Seeing as that represents over 5 million shares (a little over half their holding), the sale has either been worked over a significant period of time or else, if a large block sale, we should soon expect to see an announcement of the counter-party who bought them.
Perhaps trading will now resume a more normal pattern if that has been the cause of the recent malaise. One hopes that yesterday represented the final dump by M&G. If not, there could be a similar quantity to follow. |
#9568. .... And so it does! |
M&G the British Sports car manufacturer selling. |
You wonder if it’s been a tree shake before news? |
I don't know Dom, but today ADVFN popup ads for me have been for Castle Air private VIP helicopter charters. I'm taking it as a sign. |
Looking like we'll close back over £4. What on earth is going on? |
Appreciate that, thank you. So basically the advice would always be to ring up in person to get the best price for a sizable quantity or I suppose simply set a limit trade and hope for the best. I'd always assumed that the partial order book which we can see on OXB's website is the limit trades sat there waiting to either be taken or expire, but had no way to know that for sure. |
Below is a commentary on NMS .I would guess that normal market size for OXB is perhaps as low as a thousand shares.This means that invariably,a marketmaker will find himself working an order.In the past,a market maker would offer to do an initial trade which was bigger than NMS to kick off the order presuming he was given the balance of the order to work on.Such niceties may of long gone but its not in the interests of a reasonable size holder to go dumping stock in a disorganised fashion and compromise his portfolio valuation.In a thin market like OXB, MMs will be keen to keep a low profile.Its difficult to know what they're up to.Most believe that when an MM pushes up the bid price,he's working a buy order but its quite feasible that he's carrying stock and is trying to offload it by encouraging buyers on the blue. "if you call your broker and ask them to deal in the stock, you can be guaranteed a minimum fill in a certain size and price at least. But if you request a quoted price to buy or sell online then the market makers are not obliged to honour any price or size of transactions. This means that no minimum price or size can be guaranteed when you request a market maker quote through your online broker." |
As stressed many times before, my knowledge of market workings is limited on a good day, but if you look at our chart above and then compare it to the trade list, that crashing dip and then immediate bounce back seems to be about one single £23k trade just before it.
I don't know what the NMS is for OXB as that seems to be something which never gets quoted with any share these days, but I'm suspecting that if you can do that to a £400m+ market cap share with a trade of £23k then the market in OXB at the moment must be very thin. |
Anyone who can see the share register (not me) will work out pretty quickly if one of our large holders is having to sell some. As one of our angels of doom turned up yesterday to gloat about it, I'm guessing that is probably the most likely explanation.Alternatively, is it possible (or even legal) for someone to try to keep a lid on the price for another reason? I would have thought not.If this is worrying Frank then he can easily do something about it, but as he hasn't then I expect he's aware of what is happening and why. |
The share price took a real pounding yesterday but there always seems to be a late buy to get attempt to get the share price back to evens. What is this manipulation? |
Private punters are indeed well down the listOXB don't need them in rights issues or placingsThe share price will come into focus before incentive options are due to expire Those dates may be instructive in the planned schedule of co development |
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