Spot the difference? Have a look at the two holdings RNS’s below…
On 6 August 2012, the Company received notification that, as of 2 August 2012, UBS Investment Bank held directly a beneficial interest in 50,847,952 ordinary shares in the Company, representing 5% of the total voting rights attached to the issued ordinary share capital of the Company. END.
and 10 weeks later…
On 24 October 2012, the Company received notification that, as of 22 October 2012, UBS Investment Bank held directly a beneficial interest in 157,000,311 ordinary shares in the Company (“Ordinary Shares”), consisting of 84,008,618 Ordinary Shares held in the Company and equity swaps over 72,991,693 Ordinary Shares with maturities on 1 April 2016 and 1 April 2019, representing 15% of the total voting rights attached to the issued ordinary share capital of the Company. END.
That’s quite a hefty increase and largely responsible of the credit swaps which they appear to have acquired from another party.
Buying up 10% of a company (around 1% per week) is no easy feat on the open market – but at present MXP are a stock that are locked below fair value due to uncertainty over debt talks with their main lender Macquarie Bank.
Should debt talks prove beneficial to MXP – then the sp looks ripe for a re-rate as fears subside.
There is always a chance that UBS could be building a stake on behalf of a client. If they are – then they are certainly not being subtle about it.
It will be interesting to see where their buying spree ends – if it gets near 21% they may need to make an RNS on their intentions.