PNV - Banter and General Comments, page-6050

There seems to be a lot of hand wringing, brought about by some here, in regard to how many shares are owned, bought and sold by insiders.

Let's do a little back of envelope calculation shall we.

I don't claim the following to be precise, but none the less it is fairly accurate.

Current and former directors, senior management along with their partners and associates where they can be identified. Own as of Jan 20th 2022, 47,455,239 shares in PNV. I'm sure this number is underquoted. But it will not be by much. This number by the way has been very steady for a good number of years. Yes of course it changes. But not by very much. This equates to a little over 7% of all outstanding PNV shares. Quite a lot I would have thought.

Now let's take a look at a couple of the large institutions and what they did in the 7 months prior to Jan 20, 2022.

HSBC net reduction of 1,763,523 shares
JP Morgan net reduction of 8,309,524 shares
CITI Corp net reduction of 5,674,659 shares
Nat'l Nom net reduction of 5,556,358 shares

But it hasn't all been a one way street.
BNP Paribas net increase of 2,374,792 shares

Throw in the current 8.35% shorted, or put another way. Approximately 55,200,000 shares. On the 1st July 2021, the figure was 4.83% or 32,000,000 shares aprox. A net increase of shorts, sold into the mkt of 23,000,000 shares +/- over that 7 month period .

Puts into perspective the piddling few shares sold by two directors and PB a year or so back, I should think.

I've protected the names of the individuals, which I believe is appropriate. The institutions sit well within the top 10 holders or there abouts and that information is freely available via a number of sources. So see no isssue in revealing those.

Peter Lynch, along side Warren Buffet, one of the greatest investors of all time said something along the lines in his book, "One up on Wall st" (I'm too lazy to reach into the bookshelf and get his precise quote).
"I've learnt to ignore directors selling, for they can sell for all kinds of reasons. But buying I note, for they buy for only one reason".

I think some here would find the $30 well spent on the above book. If only to divert their attention for a few moments, hopefully resulting in less posting by them here on HC.

GKP