Speculation is that an institutional investor is accumulating shares. Since the 19th July there has been some strange buying behaviour. AT (Automatic trades) buy orders in lots of 50k or 100k have been drip feeding cash into the stock. 1m to 3m are being acquired daily using this method.
I haven't tracked these very day since the 19th but would estimate that between ?10m and ?15m has been drip fed into the stock since last Monday. If this is one buyer they are rapidly approaching the 3% level where their interest needs to be disclosed.
I also heard through the London city grapevine that a European fund has been hoovering up RRSO in bulk then converting these to ordinary shares held AiM. They are meant to be accumulating for god knows what reason ;)
A good fund manager will have been in contact with the company to perform some level of due diligence, right? You could speculate that one of the reasons for witheld news is to allow these funds to take their positions first. It's not a fact but it's a plausable suggestion.
A further 3B appendix showing more RRSO converted will support one side of that.
Here are the AT trades in 50k multiples that appeared before lunch today
12:14:03 6.19p 100,000 AT 12:13:16 6.19p 100,000 AT 11:49:18 6.15p 100,000 AT 11:49:15 6.12p 50,000 AT 10:23:55 6.18p 100,000 AT 9:17:40 6.19p 100,000 AT 9:01:31 6.25p 50,000 AT 9:01:08 6.2p 100,000 AT 9:01:06 6.2p 100,000 AT 9:01:02 6.2p 100,000 AT 9:00:57 6.2p 100,000 AT 9:00:40 6.2p 100,000 AT 9:00:40 6.19p 100,000 AT 8:49:38 6.15p 50,000 AT 8:34:49 6.1p 100,000 AT 8:20:48 6.05p 100,000 AT 8:17:37 6p 100,000 AT 8:13:34 6p 50,000 AT 8:00:30 5.75p 50,000 AT 8:00:30 5.85p 50,000 AT
Here are the AT trades from yesterday (1 million on the button)
15:05:38 6.1p 50,000 ?3,050 6p 6.14p BUY AT 13:42:11 6.1p 50,000 ?3,050 6p 6.14p BUY AT 13:40:48 6.1p 50,000 ?3,050 6p 6.1p BUY AT 13:40:43 6.1p 50,000 ?3,050 6p 6.1p BUY AT 13:40:40 6.1p 50,000 ?3,050 6p 6.1p BUY AT 13:40:17 6.1p 50,000 ?3,050 6p 6.1p BUY AT 12:26:56 6.1p 100,000 ?6,100 6.05p 6.15p ? AT 11:02:17 6.1p 50,000 ?3,050 6.05p 6.1p BUY AT 11:02:12 6.1p 100,000 ?6,100 6.05p 6.1p BUY AT 11:02:01 6.1p 50,000 ?3,050 6.05p 6.1p BUY AT 11:01:58 6.1p 100,000 ?6,100 6.05p 6.1p BUY AT 11:01:58 6.1p 50,000 ?3,050 6.05p 6.1p BUY AT 8:50:09 6.1p 150,000 ?9,150 5.9p 6.25p BUY AT 8:37:22 6.1p 50,000 ?3,050 5.95p 6.15p BUY AT 8:30:57 6.1p 50,000 ?3,050 5.95p 6.25p ? AT
Here's a skippit from the 19th when 3m were traded
14:03:30 6.5p 170,000 ?11,050 6.45p 6.5p BUY AT 14:01:55 6.5p 150,000 ?9,750 6.45p 6.5p BUY AT 14:06:12 6.5p 100,000 ?6,500 6.45p 6.7p SELL AT 14:06:09 6.5p 100,000 ?6,500 6.45p 6.5p BUY AT 14:06:06 6.5p 100,000 ?6,500 6.45p 6.5p BUY AT 14:06:04 6.5p 100,000 ?6,500 6.45p 6.5p BUY AT 14:06:01 6.5p 100,000 ?6,500 6.45p 6.5p BUY AT 14:05:59 6.5p 100,000 ?6,500 6.45p 6.5p BUY AT 14:01:55 6.5p 100,000 ?6,500 6.45p 6.5p BUY AT 13:57:43 6.5p 100,000 ?6,500 6.45p 6.5p BUY AT 13:57:41 6.5p 100,000 ?6,500 6.45p 6.5p BUY AT 13:57:39 6.5p 100,000 ?6,500 6.45p 6.5p BUY AT 13:57:36 6.5p 100,000 ?6,500 6.45p 6.5p BUY AT 13:57:33 6.5p 100,000 ?6,500 6.45p 6.5p BUY AT 13:57:31 6.5p 100,000 ?6,500 6.45p 6.5p BUY AT 13:55:53 6.5p 100,000 ?6,500 6.4p 6.5p BUY AT 13:43:09 6.5p 100,000 ?6,500 6.4p 6.5p BUY AT 13:41:30 6.5p 100,000 ?6,500 6.4p 6.5p BUY AT 13:41:23 6.5p 100,000 ?6,500 6.4p 6.5p BUY AT 14:03:30 6.5p 80,000 ?5,200 6.45p 6.5p BUY AT 14:05:59 6.5p 50,000 ?3,250 6.45p 6.5p BUY AT 14:03:33 6.5p 50,000 ?3,250 6.45p 6.5p BUY AT 14:02:19 6.5p 50,000 ?3,250 6.45p 6.5p BUY AT 13:57:43 6.5p 50,000 ?3,250 6.45p 6.5p BUY AT 13:57:41 6.5p 50,000 ?3,250 6.45p 6.5p BUY AT 13:57:39 6.5p 50,000 ?3,250 6.45p 6.5p BUY AT 13:57:36 6.5p 50,000 ?3,250 6.45p 6.5p BUY AT 13:57:33 6.5p 50,000 ?3,250 6.45p 6.5p BUY AT 13:57:31 6.5p 50,000 ?3,250 6.45p 6.5p BUY AT 13:43:09 6.5p 50,000 ?3,250 6.4p 6.5p BUY AT 13:41:30 6.5p 50,000 ?3,250 6.4p 6.5p BUY AT 13:11:12 6.5p 50,000 ?3,250 6.35p 6.5p BUY AT 13:10:59 6.5p 50,000 ?3,250 6.35p 6.5p BUY AT 13:10:53 6.5p 50,000 ?3,250 6.35p 6.5p BUY AT 13:10:49 6.5p 50,000 ?3,250 6.35p 6.5p BUY AT 13:10:49 6.5p 50,000 ?3,250 6.35p 6.5p BUY AT 13:10:49 6.5p 50,000 ?3,250 6.35p 6.5p BUY AT 13:10:49 6.5p 50,000 ?3,250 6.35p 6.5p BUY AT 12:25:30 6.45p 50,000 ?3,225 6.26p 6.5p BUY AT
RRS Price at posting:
10.5¢ Sentiment: LT Sell Disclosure: Held
