Yes Grant you're correct I was looking at valuation. My brain is completely fried at the moment with stress I think. I'm having a shocker. The point still stands though that at $302,449 this is small time. It's unlikely to represent a serious player entering the market aiming to take a serious long position in SGH.
The problem with this disclosure is that it isn't transparent as you have two (opposing) dynamics at play:
UBS as (broker for) beneficial holder
- buys shares therefore increasing substantial holding
- sells shares therefore decreasing substantial holding
UBS as (broker for) shorters
- borrows then sells to increase substantial holding
- buys then returns to decrease substantial holding
Trades through UBS Securities Australia Ltd are not specified as either beneficial holding or borrowed holding so impossible to really say with any certainty which they are. Again this is definitely not a buy signal.
Furthermore as you pointed out yesterday it has been reported that Cath Evans has sold out. So someone who is part of the senior management structure and who is one phone call away from Grech has sold their holding (not to be confused with others like myself who are groping around in the dark on hotcopper). That's a very damning revelation in my opinion that speaks to the state of play within the company as far back as August last year.
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