By the way...if the shares are "lent out", then sold into the market, I am not sure a >1% change in sub-holder notice would be required, as strictly speaking, their legal position has not changed.
What you are suggesting however regarding setting a strike price for a CR...it would not be the first time such tactics were used, but if it is in fact a major behind the RBS Morgan activity, I would be surprised.
These are more the tactics of smaller players...such as the "Firebird Group".
From 18 Nov, 2010...
ANTISENSE THERAPEUTICS
The Firebird Group has reduced its substantial holding in Antisense from 101,809,329 shares (17.83%) to 84,939,444 shares (14.34%).
The substantial shareholder notice said the Cayman Island and New York based Firebird Group sold the 16,869,885 shares between November 4 and November 12, 2010 for $198,684 or an average price of 1.18 cents a shares.
Antisense was up 0.1 cents or 11.1 percent to one cent with 2.2 million shares traded.
Given they held just under 85m in the last update...and assuming the RBS Morgan sell-down is in fact these guys...then we may well be very close to through their lines.
Watch it run if/when this happens.
Anyone aware of who did the selling for the Firebird Group in November 2010?
Cheers!
ANP Price at posting:
25.0¢ Sentiment: Buy Disclosure: Held
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