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ASX Pension FUNDS coming Soon...

Posted: Tue Sep 12, 2023 4:42 pm
by Hydrogen
Just landed the latest Bloomberg terminal Print from a friend .

It's a different format to what's been seen previously (and this print view is only listing the Institutions and funds not individual PIs - but it goes to some 470 lines.. offering massive granular detail) As you can see there is a lot more Green than Red ( the key Red being the 8m sold by Tribeca yonks ago.

This really goes to demonstrate how price is set at the margin and it won't take much to get price much higher...

Screenshot 2023-09-13 at 07.38.26.png

I Can't go into FULL detail breakdown now... but I can see who the big seller was ( and they are out now ). I'm surprised by this, as they have been around a good while but never mind they have been replaced. . UBS also Sold 65m which is only 30m or so more than their previous listed sell.

BUT and it's a decent sized BUT...

We have SOME MAJOR new buyers and major new additions to the register, with what I would essentially describe as 'starter positions': ie just a few 1000 shares.

But new holders also include a massive NEW arrival with over 118m (who personally I have never seen or heard of before) - this appears to be an UK and South African based Asset Management company currently with a whopping 2.35% of the GGP stock .

Multiple Portfolios 119,029,026 118,103,113 26/06/2023 REG 2.35 0 N-P Investment Advisor Unclassified United Kingdom

This is also in addition to Jupiter Asset management - now confirmed on Bllonmberg - who now are clearly in the top 10 holders with over 102m. Albeit on this print on Bloomberg's position is 75m (reflecting the initial data we got from the May 2023 on Morningstar). Interesting that Morningstar reports the fund management changes far quicker that Bloomberg, when it comes to UK funds (but the quirk being only in the US Morningstar site FWIW).

Thus i expect the next Bloomberg Print to update with the large Jupiter AM Position of 102m

- Jupiter Fund Management PLC -- 75,397,359 0 26/06/2023 ULT-AGG 1.49 0 N-P Investment Advisor London United Kingdom
- Jupiter Investment Management Ltd/ Multiple Portfolios 75,397,359 0 26/06/2023 REG 1.49 0 N-C Investment Advisor London United Kingdom
Jupiter Investment Management Ltd/ Jupiter Asset Management Series PLC - Jupiter G 75,397,359 0 26/06/2023 REG 1.49 0 N-C Investment Advisor London United Kingdom

BUT BY FAR The most interesting of ALL is the HUGE list of Australian Super Annuation Funds, at the very bottom of the list... all with 'Multiple Strategies' but currently showing these tiny 'starter position' holdings i mentioned.

Check this LIST of the 'Starter positions' for the ASX Super Funds...

SUNSUPER FUND Multiple Portfolios 159,969 -33,293 31/12/2022 MF-AGG 0 0 N-P Pension Fund Brisbane Australia

Screenshot 2023-09-12 at 16.30.47.png


379 - Insignia Financial Ltd -- 240,122 -4,332 17/05/2023 ULT-AGG 0 0 N-P Investment Advisor Melbourne Australia

Screenshot 2023-09-12 at 16.31.29.png

This give you an idea ion their portfolios.

380 - OnePath Funds Management Ltd Multiple Portfolios 240,122 -4,332 17/05/2023 MF-AGG 0 0 N-C Investment Advisor Sydney Australia
381 OnePath Funds Management Ltd ANZ Smart Choice Super - 1970s 44,468 1,200 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
382 OnePath Funds Management Ltd ANZ Smart Choice Super - 1980s 33,895 947 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
383 OnePath Funds Management Ltd ANZ Smart Choice Super - 1960s 32,462 1,158 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
384 OnePath Funds Management Ltd OnePath OneAnswer Frontier Personal Super - Van 21,318 -1,023 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
385 OnePath Funds Management Ltd OnePath OneAnswer Personal Super - Vanguard Bal 21,318 -1,023 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
386 OnePath Funds Management Ltd ANZ OneAnswer Personal Super - Vanguard Balance 21,318 -1,023 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
387 OnePath Funds Management Ltd ANZ Smart Choice Super - 1990s 9,728 318 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
388 OnePath Funds Management Ltd OnePath OneAnswer Frontier Personal Super - Van 8,797 -57 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
389 OnePath Funds Management Ltd ANZ OneAnswer Personal Super - Vanguard High Gr 8,797 -57 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
390 OnePath Funds Management Ltd OnePath OneAnswer Personal Super - Vanguard Hig 8,797 -57 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
391 OnePath Funds Management Ltd ANZ OneAnswer Personal Super - Vanguard Conserv 4,128 -323 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
392 OnePath Funds Management Ltd OnePath OneAnswer Frontier Personal Super - Van 4,128 -323 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
393 OnePath Funds Management Ltd OnePath OneAnswer Personal Super - Vanguard Con 4,128 -323 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
394 OnePath Funds Management Ltd ANZ Smart Choice Super - Growth 3,243 85 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
395 OnePath Funds Management Ltd ANZ Smart Choice Super - Global Smaller Compani 3,035 -231 31/12/2022 MF-AUS 0 0.004 N-C Investment Advisor Sydney Australia
396 OnePath Funds Management Ltd ANZ Allocated Pension - Super Pool Fund - Growt 1,906 -3,929 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
397 OnePath Funds Management Ltd ANZ OneAnswer Personal Super - OnePath Managed 1,906 -39 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
398 OnePath Funds Management Ltd ANZ Personal Superannuation Bond - Managed Seri 1,906 -39 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
399 OnePath Funds Management Ltd OnePath OneAnswer Personal Super - OnePath Mana 1,906 -39 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
400 OnePath Funds Management Ltd ANZ Super Advantage - OnePath Managed Growth 1,906 -39 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
401 OnePath Funds Management Ltd ANZ Smart Choice Super - 2000s 328 51 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
402 OnePath Funds Management Ltd ANZ Super Advantage - OnePath High Growth 159 159 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
403 OnePath Funds Management Ltd ANZ OneAnswer Personal Super - OnePath High Gro 159 159 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
404 OnePath Funds Management Ltd OnePath OneAnswer Personal Super - OnePath High 159 159 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
405 OnePath Funds Management Ltd ANZ OneAnswer Personal Super - OnePath Active G 96 -18 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
406 OnePath Funds Management Ltd OnePath OneAnswer Personal Super - OnePath Acti 96 -18 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
407 OnePath Funds Management Ltd ANZ Allocated Pension - Super Pool Fund - Diver 4 -2 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
408 OnePath Funds Management Ltd ANZ Personal Superannuation Bond - Conservative 4 -2 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
409 OnePath Funds Management Ltd ANZ OneAnswer Personal Super - OnePath Conserva 4 -2 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
410 OnePath Funds Management Ltd OnePath OneAnswer Frontier Pension - OnePath Co 4 -2 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
411 OnePath Funds Management Ltd OnePath OneAnswer Frontier Personal Super - One 4 -2 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
412 OnePath Funds Management Ltd OnePath OneAnswer Frontier Personal Super - One 3 0 17/05/2023 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
413 OnePath Funds Management Ltd ANZ Personal Superannuation Bond - Balanced Fun 3 0 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
414 OnePath Funds Management Ltd ANZ OneAnswer Personal Super - OnePath Balanced 3 0 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
415 OnePath Funds Management Ltd OnePath OneAnswer Personal Super - OnePath Bala 3 0 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia
416 OnePath Funds Management Ltd ANZ Super Advantage - OnePath Balanced 3 3 31/12/2022 MF-AUS 0 0 N-C Investment Advisor Sydney Australia


IMO When these guys start buying. That will make a big difference to the shorts... which is probably why the FUD and the shorting is presently so strong - selling begets selling etc. I cannot see why Jarvis sold in the 6s-9s when they could have sold in the teens or the 30s, but he they are only human afterall.

Re: ASX Pension FUNDS coming Soon...

Posted: Tue Sep 12, 2023 5:17 pm
by Rotherby
It is starting to look like we are on the rise.

I did not realise through Halifax I had added so many (tongue in cheek), then I noticed the date JUNE, so not me, I did not buy in June but have added at these lovely prices.

Thanks H for brining this to the board, it helps to provide backup for the statements about the ASX, bring it on.

Re: ASX Pension FUNDS coming Soon...

Posted: Tue Sep 12, 2023 8:48 pm
by jecsggp
Very informative, Hydro.

Many thanks for posting

J

Re: ASX Pension FUNDS coming Soon...

Posted: Tue Sep 12, 2023 8:58 pm
by Hydrogen
Ok here's some highly relevant info about the upcoming investment by Oz retail and Oz Super funds... on the ASX listing.

IMO this is pretty big stuff about to unfold - we have an ASX listing coming in weeks - and i have just discovered categoric evidence from Bloomberg Terminal (Below) that proves that two of Australia's largest Superannuation Funds, already have starter positions in GGP, ahead of the well telegraphed ASX GGP cross listing.

Back in 2020 - What pushed this up, were ETFs - GDXJ - and pension funds buying momentum. The inelastic supply of the stock, caused by PIs holding tight and the macroeconomics of rising gold prices in 2019-2020 combined with the view that Havieron was likely to be a 20moz deposit and that at hit at Scallywag was also possibles Sent GGP into the high 30s. And this time the gold price could go to $3500 /oz not $2000

IMO those very phenomena, could potentially be about conspire again and to be repeated? Except this time the pension funds buying are much bigger (than Lothian Pension Fund's 25m stake) - these Oz super funda are $200bn in size and given the clear remit of these fund to buy homegrown talent - so eg the tiny 6m size stakes that the of California State pension fund bought last time will look pedestrian . Each fund could be $5-10M thus easily matching Jupiters recent purchases And there are 10 or so superfunds to strike at GGP.

The biggest SuperFunds now Proven to be on the GGP register include:

1) SunSuper The $200bn Australian Retirement Trust - https://www.australianretirementtrust.com.au They seems to favour Australian based banks and Mining and resources companies, without doubt. It's top holding is classic Oz!! - being a miner - with BHP at 2.71% of the fund. Resource companies then collectively make up 5 of the top 15 holdings including BHP Woodside, Rio, Fortescue (sounds good) and Santos making up almost 5% of the $200bn fund. (Apple was 12th and Soft 13th making up about 0.9% of the fund) In the next 10-20 holdings, by size, you see Newcrest was 23rd Largest at 0.22% with $107m invested. South32 $77m stake, Lynas (rare earths) $48m , Northern Star $71m and $10m in Gold road. $8m in West Africa Resources $5m in Liontown, They they have $6m in DeGrey mining and $5m in Chalice .. but foreign miners are fairly low rated - eg just $125k in Hoschild , $1900 in Harmony Gold and $138k in Lundin mining - so you can clearly see the massive preference toward Australian home grown, high quality mining projects.

2) Second name is - the $297bn Insignia Financial Ltd ( formerly 'OnePath Funds Management Ltd ) https://onepathsuperinvest.com.au/about-us with Multiple Portfolios and so far just 240,122shares. Insignia are huger - they are among the top 200 companies listed on the ASX, with over $297 billion in funds under management and administration. https://www.insigniafinancial.com.au/ne ... ess-update

I previously did a deep dive into another $240bn Australian Super Fund here - viewtopic.php?p=4486&hilit=Pension#p4486 - revealing very similar and undeniable tendency bent toward investing in big home grown Oz mining projects. Specifically... With disproportionate capital allocated to 'Green' metal and resources projects.

Here's the list of top 10 performing Oz Super funds. The best performer this year had a leaning towards US Tech but I doubt that going forward tech will provide the safe haven it has on multiples of 50 to 150x Earnings ... So at some point more money will flow into quality value and mining stocks.

Screenshot 2023-09-12 at 23.24.29.png




By contrast - and it's a massive contrast - the UK's largest pension fund is the The Universities Superannuation Scheme (USS) – £90,79 billion where its largest holding is Apple, then Microsoft, Tawain semi conductor, and Tencent... https://www.uss.co.uk/how-we-invest/whe ... nvestments. Mean while BHP ranked 84th largest holding and Rio 48th. as you can see the UK funds basically couldnt give a toss about mining and are totally tech focused chasing growth stocks...

Re: ASX Pension FUNDS coming Soon...

Posted: Wed Sep 13, 2023 10:10 am
by Hydrogen
IN the interest of transparency - i received a query Re Jarvis. I'm Not certain about their movements as the latest Bloomberg Terminal print I have differs materially from GGP's presentation - but the source is different - S&P Capital IQ vs Bloomberg
Screenshot 2023-09-13 at 10.11.10.png

I always had Jarvis around 80m in 2020 adding to over 108m over the course go the past 3 years.


Screenshot 2023-09-13 at 10.14.39.png


A possible explanation is that Jarvis may have added significantly at the the placing taking their holding up from around 2.15% to around 220m ie 4.4% and then more recently they reduced - as this bloomberg print might seem to imply:
Screenshot 2023-09-13 at 10.07.36.png
It's not 100% clear whether and how these sources for shareholders differ, but i tend to think Bloomberg is the best available.

Re: ASX Pension FUNDS coming Soon...

Posted: Wed Sep 13, 2023 11:22 am
by Francis
Interesting info, thank you.

FYI, Jarvis is an admin provider to company pension schemes, principally for DC pensions. Someone else (prob a discretionary asset manager running a corporate DC scheme) will be the decision maker behind changes in their reported holding(s). Jarvis aren’t really an investor themselves, they are a platform-provider / record-keeper for employers in the way that HL is for individuals.


What is the name of the mystery/new South African holder..? If you are referring to GPP, they are a prime broker providing the usual suite of prime brokerage services to HF’s and prop traders. In simple terms they rent out their ISDAs and execution & settlement capabilities to market participants too small to negotiate their own. Again not a discretionary asset manager themselves, more a trading venue for hedge funds. Their platform might be involved in facilitating the short positions that you find so fascinating.

Re: ASX Pension FUNDS coming Soon...

Posted: Wed Sep 13, 2023 4:30 pm
by Hydrogen
Hi Francis,

Thats Correct! It is Global Prime Partners. Or should that be 'Global Crime Partners...? '

Screenshot 2023-09-13 at 16.15.22.png


It's quite interesting you should say that. Simply becuase when I went to their website, to check them out, I thought to myself they sounded a little sketchy - like the sort of outfit that might engage in such complex trading and market activities. https://gpp.group/about/

I though it was bloody odd that they cropped up out of nowhere... put it that way... with a whopping 118m shares... Are they accumulating for someone, then? Could it be Beetham or Newmont - could these be the missing shares I thought i had identified previously?

Screenshot 2023-09-13 at 16.25.47.png


Seems they Use Deutsche Bank for their Settling:

https://www.assetservicingtimes.com/ser ... der_id=103

That might also explain all the very large Echo trades that were often going through on and around the big shorting days... that we've been observing... ?

Re: ASX Pension FUNDS coming Soon...

Posted: Wed Sep 13, 2023 5:19 pm
by Francis
No, that’s all in your hyper-fertile imagination! GPP are just a prime broker offering trade execution and settlement (essentially outsourced back office) to HF’s and prop traders. If you are one of the many self-proclaimed legends who’ve been canned by Goldman/UBS/whoever in the last decade and you’ve set up a “family office” through which to look after your money whilst pretending you’re running a business, then you need a relationship with a Prime Broker to access wholesale markets. They (GPP) won’t be engaging in the furtive activities you imagine, they can make plenty of money without risking their capital or reputation as you propose. The whole idea of “accumulating for someone” is more retail Billy BB nonsense btw. Prime brokers do facilitate stock lending, they will borrow shares from a holder - usually Van Eck for GGP ;> - and let you sell them in the marketplace. I can’t see any reason to describe them as “sketchy” as you do though.

In a similar vein, Echo trades aren’t unusual or indicative in any way of the shorting activity you think you can see. Just the mechanism through which SI’s like BlackRock and others with developed order handling ensure that trades filled internally (eg one BR client is buying, another is selling so they can cross the orders) make their way onto the tape. If you use one of the better broking platforms they will often have access to SI venues, so even ordinary retail trades sometimes get filled (and then reported) this way. Again, no reason to assume anything sketchy.

Re: ASX Pension FUNDS coming Soon...

Posted: Wed Sep 13, 2023 9:28 pm
by Hydrogen
Thanks yes - Thats all fair enough Francis.

I noticed in a footer somewhere their website a line that Professional investors only and thus retail were excluded from use of GPP’s services.

So, out of interest, as an institution or corporate, could I ask a prime broker to help execute and order for say 120m GGP shares - but stipulate that I’m not prepared to pay over 7.2p when the going price is 13p.

Is that the sort of service they offer ;)?

(But as/if required to get the stock to a certain price point first they can facilitate shorting if ness etc to assist).

They could be accumulating for a one of our pension funds I suppose too.

yup all seems perfectly legal and legit to just pop up on the register with 118m shares - one of the biggest holdings certainly top 10… out of nowhere.

Re: ASX Pension FUNDS coming Soon...

Posted: Thu Sep 14, 2023 7:53 am
by Francis
Hydrogen wrote: Wed Sep 13, 2023 9:28 pm So, out of interest, as an institution or corporate, could I ask a prime broker to help execute and order for say 120m GGP shares - but stipulate that I’m not prepared to pay over 7.2p?
Of course you could, that’s just a normal limit order :roll:

Will a prime broker like GPP engage in price manipulation by short selling, organised BB trolling (and all the other ADVFN/LSE nonsense) to help you achieve your limit price? Of course not.

If you want 120m you’ll either have to be patient and buy them over time, or find (the company’s many retained brokers will help you in theory) some motivated sellers.

Re: ASX Pension FUNDS coming Soon...

Posted: Thu Sep 14, 2023 8:17 am
by CK 1974
I guess that all makes sense especially with all the rules and regulations that the aim market have to abide by…oh wait 🤔

Re: ASX Pension FUNDS coming Soon...

Posted: Thu Sep 14, 2023 1:37 pm
by Hydrogen
ASX and Pension funds still coming. Just at a much higher price than today.

Already on the GGP Register:

1) SunSuper The $200bn+ Australian Retirement Trust
2) $297bn Insignia Financial Ltd ( formerly 'OnePath Funds Management Ltd )

Should be fun.

Re: ASX Pension FUNDS coming Soon...

Posted: Thu Sep 14, 2023 5:22 pm
by speedymeadie
Hi Francis. Have been reading your recent posts and find your knowledge useful. What i fail to understand is your thinking on how the market is a straight and level playing field. This world of finance is as corrupt as it gets with big banks and their associates running the game. You make it sound as though these brokers are squeaky clean, i assure you not all are as straight as you seem to think. ATB Speedy

Re: ASX Pension FUNDS coming Soon...

Posted: Thu Sep 14, 2023 6:25 pm
by Hydrogen
Yes Speedy. I just remembered. A bunch of traders from that distinguished trading and banking institution JP Morgan ( who were exclusively shorting GGP until recently ) were sentence to 3 years in prison for manipulating prices and racketeering charges - what? Oh yeah, only a few weeks ago!

https://www.reuters.com/legal/two-forme ... ent%20said.

Yeah - This business is obviously “whiter than white”...!

FFS even the presidents son Hunter Biden was finally charged today.

And PS I know what a limit orders is. Duh! It’s how the order is filled and the tactics used that matters.

But yeah I say again - it all seems perfectly legal and legit to just pop up on the register ( with 118m shares ) - one of our biggest holders and certainly top 10… out of absolutely nowhere when the price has collapsed 38%
In a few weeks from shorting activity and coordinated media leaks about unconfirmed fund raises.

Re: ASX Pension FUNDS coming Soon...

Posted: Thu Sep 14, 2023 7:01 pm
by Francis
Oh Speedy thank you for your concern and for pointing out the dangers, but I’m anything but blinkered! AIM has a long history of corruption, but my experience is that the issues don’t arise where chatboard folklore proposes. A nice chap I used to chat with on the prep-school touchline was involved in an AIM company that turned out to have booked non-existent sales from non-existent customers ahead of a capital raise, An AIM company invested in by a well-known fund manager paid $$$m to an offshore company which may or may not have been connected to its CEO. There are some notorious examples of mining and energy companies overstating underground resources ahead of capital raises etc. A sorry gallery of rogues and companies who have siphoned money from credulous investors. The risks of investing in AIM companies lie in areas like accounting fraud, resource misrepresentation, undisclosed related-party transactions, corporate actions etc. Big-ticket items. Not in the areas popularly supposed by bulletin board folklore - “buys reported as sells”, “troll tag-teams”, “tree shakes”, “price walked down”, “desperate shorters”, “market-maker manipulation” and all the other inane but curiously crowd-pleasing schtick parroted daily on the ADVFN and similar bulletin boards. Just my view - YMMV.

Re: ASX Pension FUNDS coming Soon...?

Posted: Thu Sep 14, 2023 10:39 pm
by Hydrogen
Oh ok - ho ho - nope, nothing to see here. No “suppression” of the sp. Nope. No manipulation whatsoever. Bloody Nora… Absolutely not!!. Quite suprised even Shaun used the word ‘suppression’. Says quite a bit IMO. And. Nope, No trolling. No shorting. No coordinated multichannel “going to 4p” FUD. No dodge bandit South African companies popping up out of nowhere with 2.5% of the company (out of nowhere). Nope. Didn’t happen and doesn’t warrant a dirty laundry smell/taste test or any further investigation.

You know what - I know - it must be all Shaun’s fault …. Old dilution Day at it again.

Forgive me Francis, maybe it’s just me…? I’m . I can’t help but wonder - , why? !!! It’s being picked up, and commented on now across two chat boards , that I’ve picked up on this new and unexpected arrival of professional trading clearing and you say shorting outfit, Global Prime Partners - and their boasting of sophisticated technology trading techniques… and their whopping stash of 118m shares.

Maybe I'm onto something here… ? Or Maybe we should just forget they exist eh? Move along, eh….?

And Francis please don’t pull the “there’s no such thing as a tree shake” line on me… the bent MMs here unforgettably dropped ggp from 26p on Wednesday to 21p a 25% dip on the Thursday, just to hard fill that 1st big GDXJ 240m order at 27p. So come on man please don’t even bother on that front - I’ve seen the lot now. And most of it stinks like skunk.

After all If ‘they’ can move the Nasdaq or the SP 500 20% up on low volume, using ODTEs (7 hours to expire call options) they can sure move microcap AIM listed GGP wherever the chuff they want it.

I bet you don’t know anyone that works for Berenberg Francis, do you?