Ann: Becoming a substantial holder, page-37

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InItEarly

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29/01/23

22:08

Post #: 65936401
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Originally posted by WhatsTheTip: ↑

I'm not sure how much weight I'd put on that Grafa website. The quantity noted as being sold was exactly to the share the amount quoted as having been bought through to 23 Jan in the substantial shareholder notice. The website incorrectly notes that ESS has announced JP Morgan as selling the shares. There has been no ESS announcement to this effect, what ESS has announced is that JP Morgan is a substantial shareholder having passed the 5% threshold.

JP have had trades every day this year that the exchange has been open, and most days from mid-December onwards. On this pattern there would have been trades on the 24th, 25th and 26th of January meaning their holding on the 27th is most unlikely to be the same as on the 23rd. If JP Morgan had sold all their holding on the 27th, then the value sold would not have been the value that they advised they had on the 23rd. At this stage they are however the strongest candidate as seller of the 12.8m share block. As at 20 Sept 2022 and the Annual Report, only Citicorp Nominees Pty Ltd held more than 6m shares and that might have been across multiple corporate clients.

If JP was involved in the 12.8m trade they will need to release a substantial shareholder notice either for a large increase, or having gone below 5%.

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I expect, almost certainly, that the poster has incorrectly stated JP 'sold' their ESS shares, rather than correctly stating those shares have been 'bought'.

I cannot see how the claim that ESS has announced that those shares have been sold is true given they have not done so through proper disclosure to the market.

Last edited by InItEarly: 29/01/23

ESS Price at posting: 51.0¢ Sentiment: Hold Disclosure: Held
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Ann: Becoming a substantial holder, page-37

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