Trading Analysis - 1st Oct 2018


1 October 2018

End of Day

No further evidence of duplicated pair trades, either delayed from previous days, or for today. There was a delayed 500K trade for the previous Friday which may yet add to the 7M duplicated trades pile should a further delayed report come through.

There was an after hours TR1 that notified that First Island (one of the March 2018 $22.2M placees - subsequently $9M of this was used to buy out the Sojitz minority stake) had reduced their holding by 8.136M from c. 41.34M to 33.2M (i.e. sub 3% therefore requiring a TR1 RNS). According to the BMN shareholder register as of the 31st August First island had not sold any of these.

If 8.136M were able to be sold by the 28th Sept it looks unlikely that these could have been subject to a 6 month lockin after the 29th March share admission date. The quantity of shares corresponds to some extent with the 7M (total so far) of duplicate pair trades.. These were first spotted on the 17th Sept and were at that time hypothesized as corresponding to pre-sale of warranted shares. It may well be that these were First Island sells - duplicates still are ignored as they correspond to an inter-MM hop as shown in the analysis of the 21st September.

It is a pity that we have not been able to eliminate the remaining warrants during the recent strong buying cycle. That remains a battle for another day. We have though transferred over 8M shares from a the relatively weak hands of a 10.3p placee to hopefully the stronger hands of investors who have seen the long term potential for the company enough to have bought in at 30p.

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