Touchstone Exploration Share Discussion Threads

[kaos3] 24/7/2021 11:17

page 234 is a start

[pro_s2009] 24/7/2021 10:15

0.1% now....ok.

But anyway, provided they borrow enough shares from CREST (and currently 9 million TXP shares are loaned out from CREST) - and therefore cover their short position by the borrowed stock - they dont have to report anything.

The only reporting which highlights it is the CREST on loan stock report.

[adon30] 24/7/2021 10:06

Satellite Radar from 23rd now showing (reflections of) 3 large bits of kit on the pad (as shown by XMs post above)

Not an image worth posting up but radar is cloud penetrating and large metal objects reflect as bright white

[thebull8] 24/7/2021 08:16

Isn't the reporting obligations for short positions now 0.1%

[pro_s2009] 24/7/2021 02:05

Trailers turning up......... Thats the old OL4 well hole in the foreground at Royston-1 location, and a rig starting to arrive in the background......

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[pro_s2009] 24/7/2021 01:57

This is why whoever is doing it is using CREST to borrow shares to hide their short........

It is not any of the large holders.......if they short they have to report their "net" position. They cannot have say 7% long position and a short......if they take out a short to have a net neutral position, they must report they have a 0% holding. (EG if Miton had 7% long and 6% short - they are obligated to report they no longer have an over 3% holding - as it would be 1% only). So unless you see a TR-1 notifying of a change in net position - none of the big holders are shorting or selling.

So what we have here as an example as to how it works borrowing from CREST :

BuffyHedgeFund (BHF) short sells 9 million TXP shares (naked shorting).

BHF does not want to disclose they are short.

BHF borrows from CREST 9 million shares.

BHF now has 0% net position (9 million short + 9 million borrowed) so does not need to report their short position as they are below the 0.5% net short reporting level.

BHF pays Euroclear a weekly/monthly fee for the CREST borrowed shares.

Thats how it works and why they "borrow" private investors shares from CREST as it allows them to short with non reportable position as the borrowed shares they have cancel their short and they have a net not reportable position - the only way anyone knows there is a short is to look at the borrowed level of shares from CREST.

This is why private investors shares are held by nominees (brokers) and put on CREST - as then the big boys can borrow from CREST and short......when there was only Paper Certificates for shares they could not do this.

The only way to stop this is to ensure your broker who holds your shares in a nominee account provides written proof they do not allow shares to be borrowed. If you broker does not confirm they do not allow shares to be borrowed, move to a different broker who does not allow your shares to be borrowed by short sellers.

So in fact, they could be short whatever the borrowed shares are on CREST, plus another 0.4% naked short..........provided they keep their overall net short position below 0.5% by borrowing from CREST, they do not have to report what they are doing - the only clue is the "borrowed from CREST" level of shares.


BUT - end of the day BHF has to buy back 9 million shares to close their short - thats the rub.

[stockport loser] 23/7/2021 21:56

To add further weight to your theory, no TXP short appears on the UK short tracker, which shows any net positions. So clearly the entity is net neutral, legacy the only one would be Miton or as you say a new entrant.

[buffythebuffoon] 23/7/2021 15:09

“ A short squeeze........music to my ears.”

I’m sure you can think of music you would consider torture to listen to.

There is the chance that you may have tinnitus of course.

Buffy

[thebull8] 23/7/2021 14:40

We can but dream....cannot believe my eyes when I see professional broker notes with a boy recommendation on Tesla. The most grossly overpriced share I think I've ever encountered (and it has some stiff competition - mainly GME and AMC)

[zeusfurla] 23/7/2021 12:40

Buffy I agree with your view - the majority of this short position must surely be about mitigating risk - a long/short position as you say. Shorters have far better targets - starting with US tech in my view.

[kaos3] 23/7/2021 12:40

duration of such a posicion can last for several years with or without a roll

[kaos3] 23/7/2021 12:38

buffy - a gardeners opinion on short position in general - it might not be directional at all - it might be just an underlying equity trade of the derivative position

like IG you mentioned

or a fund or PE does not want disclose ownership due to their own regulation(s) - so they need derivatives (no name) writtten to them to get the economic exposure

a fintech firm would buy and sell 9 % of the TXP at the same time, charge fees and sell the derivative product to the fund (usually) client, who gets economic exposure but no voting & similar rights

usually it means - accumulating shares at low levels in NO NAME fashion in preparation of ...... (fill the blanks)

not that I know anything but my experience thought me so. latest was AA. case

[pro_s2009] 23/7/2021 12:09

A short squeeze........music to my ears.

TXP has a 9 million share short on it, depressing the price.....would love to see that squeezed to close.......... which it might if shorting hedge funds get under pressure to close close close all their open positions.......we can but dream....... :)



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[buffythebuffoon] 23/7/2021 11:53

“a more stable share price, and a good thing that IG has removed spread betting from TXP, the less short term punters the better the share price stability will be.“

Not to mention the loss of the facility with smaller SB companies who IG are effectively hedging with, such as Spreadex.

Buffy

[buffythebuffoon] 23/7/2021 11:50

I would imagine I’m not the only one who reads about shorters and the first thought is that they must be crazy.

No professional shorter would consider putting a net short on TXP at this stage surely?

The only thing I can imagine is that it’s part of a long-short strategy, but for the life of me I just don’t get it.

Buffy

[pro_s2009] 23/7/2021 11:21

Exactly, thats the benefit of an "achievement based" reporting system. As DB has said we have been through the "drought" that the change in communications strategy required, but the drought is ending now and there will be plenty of updates ahead, some on RNS, some on Social Media........ a more stable share price, and a good thing that IG has removed spread betting from TXP, the less short term punters the better the share price stability will be.

[che7win] 23/7/2021 11:16

In that case, and in consideration of the large short here, the company strategy of less updates on timelines is a good thing.It's suffocates shorters hoping for volatile share movements - we can see the share has become more stable, albeit at lower prices than I think are fair value.When updates do come, they should now show progress on the tasks management have laid out - a good thing for lth'ers.

[pro_s2009] 23/7/2021 10:56

By the looks of the share price movement past few days and also today, I would guess the small time shorter who recently rolled over his short at 88.3p has been trying to close it.

MM's lifting the advertised offer up to discourage buying while trailing the bid price to try to pick up sells, smells of the shorter putting in an order to close the short.

Probably not a good idea to roll over that 163K short position recently as they did, now in trouble of a good operations update later next week and a decent spike in the share price. What a shame if they lose a packet now on that short.

[davidblack] 23/7/2021 10:50

XM really likes Coora from his comments and regular fieldwork trips doing surface mapping of the Herrera around there with his students.

Likely to be one of the four “Short” holes to be drilled getting the new drill and crew bedded in. Mind you apparently it “Should” be good for 4,500m or 15,000 feet, so very long legs!

The last of those four apparently if that’s the way they play it in the end?

Also it’s worth remembering that that site has 365 day access so drilling in the wet season should be pretty easy. Handy if they find anything and end up drilling multiple wells.

[pro_s2009] 23/7/2021 02:06

Shell announces first gas from Barracuda........one wonders if the resolution of issues with Barracuda leading to first gas, has also at the same time seen the resolution of issues between Shell and the NGC which will soon see first gas at Coho-1



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