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TOPIC: Swissquote Bank SA

Swissquote Bank SA 29 Aug 2018 09:09 #12223

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13G/A filing yesterday showing ownership by Swissquote Bank of 376,723 shares (indicates 4.9%).

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Swissquote Bank SA 08 Sep 2018 12:14 #12236

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Just some observations and facts related to this filing-

Absolut - the decrease in holdings is relatively low, especially if one knows that the third RO was done in June/July and any large holder interested in increasing its holdings against a favourable price would dump shares to get the PPS down.

One can assume PostFinance did that,which entity reported 279.556 shares on May 10, when intentions were clear already.(4.5% at the time i.e. under 5%)

Now- with all the preferred issues (A, B and C) in the past few years, things get somewhat complicated if one wants to keep track of OS shares and related unconverted preferred and warrants.

For simplicity sake I will ignore the warrants- they are all far away from being in the money and the latest bunch are even not traded (but are presently not that far off being in the money)

Anyway- looking at the latest 10Q, what is missing is, obviously, a statement of changes in shareholders equity- an overview of what are the OS shares in matters common and preferred. Actually in the 10K for 2017 such a statement is provided (from which I conclude, that the publication requirement thereof is an annual affair and NOT a quarterly one, which I was not aware of) and this provides interesting reading.
That is, at year-end 2017, ball park, 75% of issued preferred B was converted into common within one month after issuance. At present, it is safe to assume that hardly any of the preferred C has been converted into common one month after the issuance of preferred C (the Swissquote filing indicates such).

Gives food for thought. :whistle:

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

Swissquote Bank SA 08 Sep 2018 12:19 #12237

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Oh yeah- forgot-

besides the impact of some unconverted preferred B (which cannot be too much) and ignoring the warrants of course- the adjusted common at present is roughly - 7.7 mio + 8.5 Mio (unconverted preferred C) is- approx. 16.2 Mio. So market cap of over 8 Mio, which I still believe should be exponentially higher.

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Board moderator and Site-owner. I still regret the day I started analysing the prospects of MacroPore (now Cytori) back in 2004- a left-over from the tech-bubble at that time from the century change in my portfolio- and became addicted to Cytori´s fat cell technology. :cry:

Swissquote Bank SA 13 Sep 2018 09:22 #12241

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fas wrote: Oh yeah- forgot-

besides the impact of some unconverted preferred B (which cannot be too much) and ignoring the warrants of course- the adjusted common at present is roughly - 7.7 mio + 8.5 Mio (unconverted preferred C) is- approx. 16.2 Mio. So market cap of over 8 Mio, which I still believe should be exponentially higher.

/

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