I wondered if something would kick off... I monitor these forums a bit and didn't see any reason for FF to go off in a huff, so I wondered if there was a trigger or if it would trigger anything.
You never want ambiguity, in rules or Law..
One certainly has to wonder about the timing!?
Could Citicorp be taking this substantial stake in BRN just because we are now offically in the ASX 200 ??Thank you Shadow.
So it seems we have two opposing theories.
1. Citicorp is taking a substantial stake, perhaps as a cornerstone investor, which is good news for us retail, as it shows confidence and should lead to an increasing share price.
or
2. Citicorp is quietly building a large stake, perhaps in cahoots with other as yet unknown players, in a bid to mount a possibly hostile takeover, which may lead to a bidding war, potentially pushing up our share price in the short term, but perhaps denying us of the opportunity to be long term holders going forward.
Either way, it appears Citicorp is possibly in contravention of corporation law and ASX listing rules because it has not notified the ASX of its increased holding status.
Would not this fact be prejudicial against Citicorp in any potential litigation going forward?
Yes, but it’s not Citicorp- it’s their nominees. Citi is providing custodial and settlement services on behalf of (likely many) others
Perhaps, but if so, I hope the rest of us will soon start to see some benefit from their confidence and addition to our register, because so far, "someone" has not been doing any of us any favours by pushing down our price, just so they can get in cheap after being late to the party.
www.autodaily.com.au
So, this is a way of concealing the owners and their associated voting rights. This could be anything from 175 million individual holders or 10 holders of 17.5 million? Or potentially multiple holdings each of which falls under the reporting threshold?Yes, but it’s not Citicorp- it’s their nominees. Citi is providing custodial and settlement services on behalf of (likely many) others
“Industry’s largest proprietary network spanning 95 markets and $14trilion assets under custody, global leader in securities services. For worlds top issuers, intermediaries and investors”
No, hiding is not the purpose- it’s because it’s expensive to provide funds administration, securities services- so there are only a few players… these services are provided to brokers and superfunds etcSo, this is a way of concealing the owners and their associated voting rights. This could be anything from 175 million individual holders or 10 holders of 17.5 million? Or potentially multiple holdings each of which falls under the reporting threshold?
Damn, this is ringing memory bells about FF talking about this very subject and I'm pretty sure I just skimmed it at the time as it seemed a bit esoteric and dry and I figured FF would always be around if it ever became relevant.
I've sent an online enquiry to the asx questioning Citicorps failure to disclose their accumulation to the market. If I don't get a reply I will email again and I will notify a media outlet to see if I can garner some attention to these hacks.
They can't just accumulate such a large holding without notifying the market.
F*** them
Choosing violence with a multinational investment fund today
Well, you've got to hand it to Australia's free market fundamentalist economist boffins - over the last 45 years they've succeeded in ridding the country of all those legacy manufacturing industries, even if the bathwater had some baby-shaped lumps in it - now for part 2 - the establishment of leading edge manufacturing industries like electric vehicles, AI ICs ...
Probably just one of many trying to protect their involvement.
Shouldn't smoke in the loo.
Sage advice which I agree with entirely.
They have done something similar with TESLA a few years ago. Took a 10% stake which apparently "saved" tesla according to Musk.
So, again this is ringing those memory bells, who holds the voting rights for all those shares currently registered under Citicorps name?
