Hi Steve
could you please give some insight to a very large block that went off on AXIM yesterday?
AXIM was a July IPO, 2,600,000 at 12, lead was Lehman, co-mgr JPM, also had 390,000 as over allotment to the underwriters which went off in Aug
prior to the IPO AXIM was funded by its parent, Securitor, UK.
net proceeds of the IPO was appox $32mm of which $23mm went to the parent co to pay off debt and $9mm went to AXIM
right now total shares out are:
2,600,000 from the IPO
390,000 from the overallotment
3,477,000 held by Securitor
this normally trades very low volume and even a small trade can (usually) knock the bid/ask by 1/8-1/4-3/8's
a while back a freind of mine tried to move 4000 shares and the limit order hit the bid down for 1/4-3/8; he had to wait and sell in peices
here is my question:
yesterday this had a 270,000 share print at 1:32 at 4 3/4
at the time the spread was 4 5/8 x 4 3/4
in aftermarket trading it looks like this same block was "re distributed"
4:22 225,000
4:23 20,000
4:23 25,000
all at 4 3/4's
can you give any insight into this?
who was on either side of the transaction?
how might a block like this be moved without impacting the price?
why the after market trading?
any idea what might be going on here?
thanks for your input |
