cdm, I saw your insightful post after I wrote mine. Glad to see other eyes on the transactions.
The massive share transaction was almost certainly planned, or at least anticipated, by TIX. In fact, I doubt the seller would dump so many shares without a safety net of a buyer (in this case TIX share buyback). Large sellers don't want to suppress the sp too much, so they arrange sales.
From my estimate, about 2.7M shares were traded in two lumps (or close together), representing almost 2.9% of all TIX shares. Given the size of the transaction(s) (might be two or more sellers here), I imagine that they are substantial holders, so if holding 5% or more they need to declare any change of 1% or more.
My guess is 360 Capital was the seller because they are opening one or more new funds and would want some of their assets in those funds to demonstrate "skin in the game" to other holders. But TIX also has "legacy" holders who, after a decade of holding off-market, want to move their assets elsewhere. TIX noted the latter group in their Nov13 presentation.
I personally think the buyback activity is advantageous for shareholders. The shares were bought at $2.14, far below the buyback price cap of $2.29 and NTA is now at $2.22. In other words, the buyback is nicely accretive to existing holders. TIX still has plenty of buyback funds for everyday activity to minimize negative momentum in the stock.
It would have been nice if TIX announced such a massive transaction, given its unusual characteristics, but then I don't recall public announcements of other major transactions in other shares.
TIX Price at posting:
$2.16 Sentiment: None Disclosure: Held
