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RNS Notificationn of Major Holding

lse:gkp

#1

https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GKP/14372554.html

The Capital Group of Co’s down to 4.9415% from 8.5408%


#2

According to my calculation Capital Group sold 7,877,671 GKP shares, representing 3.6% of GKP’s free float of 218,868,580 shares as at 02/01/2020


#3

My post above was done in a haste. Since then, I was wondering what exactly was Capital Group Holdings of 8.5408% as reported by a previous notification mentioned on Monday’s 06/01/2020 TR1 RNS. After searching through the GKP RNSs I found that notification. It was published on 08/11/2016 amongst several others concerning Taconic, GLG, Cowell and Lee, Sothic Capital and Lansdowne Partners; i.e. just when the restructuring was completed but before consolidation:

Obviously, after consolidation, CG’s holdings became 19,595,038 GKP shares.
So the exact number of GKP shares CG sold from 08/11/2016 to 02/01/2020 is:

19,595,038 - 10,815,457 = ‭8,779,581 shares rather than the figure I calculated in the previous post.

We also know that Capital Group manages a Mutual Fund known as New World Fund, which was mentioned by the same 08/11/2016 notification RNS:

After consolidation New World Fund holding became 14,566,135 GKP shares. But we found out from a large trade occurred on 25/02/2019 that 5,027,150 GKP shares from this fund were sold:

Best Regards @ValueSeeker8


#4

VS8

There was “three” Capital Investment held Funds holding GKP Shares.

The American Funds . . New World Fund which held 14,566,135 (6.48%) pre buy back
The American Funds . . SMALLCAP World Fund which held 5,027,150 (2.19%) pre buy back
Number three who held around 37,500 which I’ll have to look for

Number three partially sound out in the 1st qtr 2019 then completely in the 2nd qtr 2019
The Smallcap World Fund sold their full Holding in the 2nd qtr 2019 . . the date I will look for

For the New World Fund IMO you need to work with 14,566,135


#5

Please note the dates and remember that the SEC & MS reports are somewhat behind real time

After the 1st Buy Back

After the Smallcap World Fund sold

Before the Smallcap World Fund sold out


#6

This is how Fidessa saw the sale of 5,027,150 happen
In 12 trades @ an average price of 213.5130


#7

https://ir1.q4europe.com/asp/ir/GulfKeystone/NewsRead.aspx?storyid=13477605&ishtml=1

8th November 2016 the Capital Group reported by RT-1 they held :-
1,959,503,854 . . . (8.5408%)

And that of the 1,959,503,834 Share the New World Fund held 1,456,613,504 . . (6.3488%)

1,959,503,854 - 1,456,613,504 = 502,890,350
After consolidation those three figures became :-
19,595,038 - 14,566,135 = 5,028,903

The 5,028,903 belonged to the Smallcap World Fund which the Capital Group omitted to add to the 8th Nov 2016 RT-1 RNS.

At that point the Capital Group where holding held 19,595,038 Shares :-
New World Fund . . . . . . . 14,566,135
Smallcap World Fund . . . .5,023,903
In early 2019 a third Capital Group Fund was reported by the Morning Star to hold from memory circa 37,000.
That third holding was reduced by circa 10,000 then disappeared of the MS website

On the 25th February 2019 the Smallcap World Fund sold their entire holding of 5,028,903 in 12 trades @ 213.513p

On the 6th January 2020 we were notified by RNS that the Capital Group “New World Fund” which at that point held 14,566,038 GKP Shares had sold an amount that moved them “under” the 5% Mandatory Reporting Threshold “based on the Shares in Circulation on the 6th January 2020” to 4.9415%

One extra point . . . the Capital Group which notified the Market it “held” 19,595,038 in November 2016 “failed” to notify the Market by RT-1 that the Smallcap World Fund had sold 5,028,903 Shares
following the sale

Please check my findings.
In my opinion