29th Jan-2nd Feb 2018 (Abbreviated)


4 February 2018

On Monday the 29th an RNS was received describing the exercising of another 175,638 of the 2.4p Warrants.  On Wednesday the new Bushveld Perspective was launched (in a brief period when the company website appeared to be down for maintenance) and on Friday around midday the latest Bushveld Vametco promotional video was published (including an additional highlights video).

Thursday saw an undisputable short attack (size 1.5M shares) - the first clear one we have seen for almost 3 months.

Initially there was some activity, then this trailed off. The 105K trade at 9.22am, classed as a Sell might, look like it could have just as easily be classed a Buy - but fatbanker who was watching the spreads very closely confirmed it as a Sell. 

Trading continued to be very quiet until 4 oclock in the afternoon when two trades of 2M and one of 4M took place (reported the following day, not at the time). These have been classed as two Buys of 2M at 8.6113p and one Sell (presumably from Erongo) of 4M at 8.55p. There were no additional End Day trades - as after all there was no need to as trading had been so slight.

The end day auction (marked UT) trade at 8.70p left the SP up more than 2% on the day to 8.7p from 8.5p. 

An early 250K Sell 12 minutes into trading appearred to drop the nett MMs trading position to -247K and things continued like this for an hour until a pair of 8.6p, 450K Buys at 9:04 and 9:05 pushed the nett trading position strongly positive. Following this the background buying pressure continued, pushing the nett trading position over 600K by the end of the day.

No End Day trade pairs were observed. Volume was a relatively slight 1.86M with 1.25M Buys vs 612K Sells.

SP down to 8.55p from the previous days 8.70p.

Thankfully quiet for the launch of the new Bushveld Perspective. Very little happened, and as a result the MMs were able to walk the share price down 1.75% to 8.40p.

Volume 402K with 139K fewer Buys than Sells. No End Day trade pairs.

Trading normal until 9.20am. Then a series of large sells 9:37am - 350K , 9:41am - 250K, 9:58am - 350K causing the Bid and Ask to drop twice. An obvious negative troll (98D7.) appeared on the LSE bulletin board at 10:32am, though most of his posts were subsequently deleted later in the day. Following strong reactive Buying to the brief drop in prices the nett trade position took up most of the initial sells within an hour. The initial series of Sells were followed up with a subsequent Sell of 550K at 10:52am, also marked above in green and considered as part of this shorting pattern.

This brought the total number of shares in the short to 1.5M at an average price of 8.247p.

The style of this short is somewhat different to those observed on the 18th Aug 201710th Nov 2017 and the 20th Nov 2017  - the previous ones all utilised numerous 100K and 200K sized trades. This one has quite deliberately avoided 100K increments - coincidence ? Perhaps, or maybe a reaction to our analysis of the previous shorts. No matter what size of trades they use it makes no difference - we analyse every trade and will reveal and publish all attempts to manipulate the SP price down.

Volume 2.95M with 580K more Sells than Buys.

SP unchanged at 8.40p.

Quiet until a £20K Bed and ISA at 11:58am. Buying picked up steadily in the afternoon following the release of the Bushveld Vametco promotional video.

Volume 1.5M with 732K more Buys than Sells. SP up 3.6% to 8.70p.

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