With the trading action we’ve seen here over the last few months I can’t help thinking that a transfer of ownership is taking place, given that the selling is to an extent at least being balanced by a regular buyer of 5m blocks and sometimes more. Just the one 5m buy today but on days of greater selling pressure the buyer always seems to step uo to the plate to avoid a large drop in the sp. So I’m just thinking aloud here and sharing some thoughts as to what might be going on.
It’s been a very long time since we were notified of any share issuance to service providers, but with Baker Hughes likely to be fulfilling a much larger piece of that role in future maybe we are seeing the rump of their shareholdings being sold. Another and perhaps more likely candidate is Outrider if buying stock without declaring it had been part of Stephen Hope’s “unlawful interference with the business of the Company” in other words a part of his strategy to seize control of the company alongside working with YA to trigger a cross default on the loan notes, and maybe as a hedge against that strategy not succeding. Now he’s been caught out it could be that the stock is being sold to help fund litigation and any award against him and the funds he manages.
But the question then arises as to who is the bulk buyer as I have seen no evidence of PI’s laying claim to some of these large buys, some amounting to 12m shares in one trade. Can’t be Zaza or SN as they would have to declare any trades immediately, but nothing to stop Baker Hughes or the as yet unnamed major building a stake in the company for what’s to come, and no need to declare until they pass the 3% threshold. All a mystery really but I would welcome any other constructive theories as to what’s really going on here and as to why the seller just has to pounce on any rise to kill it stone dead.