No rush to buy more when there is still selling pressure. Lloyd...

No rush to buy more when there is still selling pressure. Lloyd Miller is soaking this up for the time being but there is only so much he can buy with his stake now past 13%.

Since 8 December there have been 70 million shares traded. Now it is always hard to know how much of this is churning but we know that in the same time Lloyd Miller has acquired 16 Million shares.

The question is where these shares are coming from as there have been no downward changes in substantial holders since the merger was complete on 12/12. Presumably one or two of the funds (Acorn, Argyle, Quantum) that participated in the buy back and then or were diluted below 5% are now offloading their remaining stakes. Van Eck also got rid of ~6M on 19/12 and I assume some of these made their way to Lloyd Miller.

SingPac (Glencore) declared their holding well after 12/12. I don't know if this was simply late notice or they have been buying also. I'll check the old notices for how many BTR they held and if it is just the converted holding.