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Post by Deleted on Oct 26, 2015 9:37:03 GMT -5
With the index funds on TASE, how many shares of MNKD would they be buying and over what time period would they be required to do so? Would any of the shares they buy come directly from MNKD (9 M shares MNKD got back from BOA?).
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Post by dg1111 on Oct 26, 2015 14:27:29 GMT -5
I apologize if this has already been answered. Would this dual listing enable insider transactions or accumulation of greater than 5% without an SEC filing?
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Post by mnholdem on Oct 26, 2015 14:40:25 GMT -5
I think, since MannKind Corporation is a U.S. company, any stake of 5% or more in MNKD shares must be reported to the SEC, regardless of which exchange the shares were accumulated from.
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Post by BlueCat on Oct 26, 2015 15:09:50 GMT -5
Someone mentioned that they thought shorting IS allowed in Israel. If so, are we not also now double-exposed to crazy short interest? Meaning, they could take her down Sunday rather than wait for Monday morning?
Hope not - but still ….
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Post by cathode on Oct 26, 2015 17:44:26 GMT -5
I might be showing my naivete when I say this, but don't the market makers on the TASE exchange have to have some skin in the game to facilitate the trades that will be occurring on the first day of MNKD on TASE? Where are these shares coming from?
I don't know (and do not expect any of you here to know) whether these shares will come from existing positions by Israeli institutions, the equity offering associated with Senior Note conversions (arguably existing positions at the present), or BOA's returned shares. I have to think that BOA's returned shares can be ruled out, as it would seem that a company couldn't be a MM for itself. Though this is close to what a buyback program is....
I will admit that I get confused when trying to map out the system.
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Post by biffn on Oct 26, 2015 17:51:49 GMT -5
I think Mannkind is only listed there in order to facilitate the conversion to TEVA stock.
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Post by cathode on Oct 26, 2015 18:00:26 GMT -5
I think Mannkind is only listed there in order to facilitate the conversion to TEVA stock. ? Nowhere from MNKD is there mention of TEVA, right? This is only speculation. |
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Post by biffn on Oct 27, 2015 12:05:14 GMT -5
I think Mannkind is only listed there in order to facilitate the conversion to TEVA stock. ? Nowhere from MNKD is there mention of TEVA, right? This is only speculation. And if they had, it would either be an SEC violation or a public BO announcement. |
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Post by dreamboatcruise on Oct 27, 2015 14:14:35 GMT -5
I think Mannkind is only listed there in order to facilitate the conversion to TEVA stock. Where do you get the notion that dual listing would be required? |
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Post by BlueCat on Oct 27, 2015 14:25:01 GMT -5
Truth be told - Not clear on what the impact will be, if any, on this cross or dual listing.
My preference? At least a short term hike like we saw this late Spring, until the other catalysts for the company come into play to do the longer-term move.
And yea - some shorts could be swapping over the swing at this point and make a lot o $$$.
That said, there is a small part of dread I'm having that anticipation has been building - between the BOFA shares and this listing - and when there is no great surge, shorts will use it (along with lack of retail investor understanding of this other market) to walk-her down farther on the missed, built-up expectation.
Fear-powered Foil Hat today ….
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Post by nemzter on Oct 27, 2015 14:31:52 GMT -5
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Post by dreamboatcruise on Oct 27, 2015 14:40:00 GMT -5
Are you missing daylight savings time? |
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Post by BlueCat on Oct 27, 2015 15:10:04 GMT -5
Are we certain the trading starts tomorrow? Seems there's been some banter about that perhaps the listing is as of tomorrow, but the trading on the listing not active until this coming Sunday? Not clear - perhaps its self-evident (listing is implicitly the beginning of trading. Forgive ignorance) |
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Post by monger on Oct 27, 2015 15:15:19 GMT -5
Sorry if I missed this somewhere, but I'm pretty sure this is going to be the Israeli equivalent of ADRs, which is how we can buy foreign stock in the U.S. for those companies interested in being listed on our exchanges. Now this is a TOTAL GUESS on my part, but I'm pretty sure their exchange is going to work like ours, which means that a depository bank over there needs to scarf up a bunch of real U.S. shares, and then they will reprice them into "local" shares. As the article below states, these can be priced wherever the depository bank wants to price them, i.e., one ADR share here will be worth a reasonable fraction of a share in the originating country. If necessary, and in our case to avoid penny stock status, the ADR may be worth more than 1 foreign share, to keep the offering price in a comfortable range, at least to start. www.investopedia.com/university/adr/adr1.aspSo the key is that the foreign exchange (TASE) has to have real stock (in this case MNKD shares) that they put in their vault, and then they'll sell them in fractions or combined lots for a given price. Since those shares must already BE there at a depository bank if TASE trading is going to start, I think any effect on the share price here in terms of scarcity has already happened. IOW, probably the shares were already purchased some time ago and have been transferred there some time in the last few months. However, all this is total speculation on my part, based on what little I know from owning some ADRs like a Brazilian energy company and an Australian bank and watching the price on the foreign exchange and here. Will this allow more people to buy MNKD shares and drive up the price? I kind of doubt it unless demand is so strong that the Israeli ADR bank has to go buy some more MNKD shares here. We can only hope! Anyone who knows more about this is welcome to correct my understanding. :-) |
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Post by BlueCat on Oct 27, 2015 15:26:37 GMT -5
On the TASE site:
"Clearing Services for Dual-listed Shares
Following the enactment of provisions facilitating dual listings in Israel’s Securities Law ("Dual-Listing Law"), TASE-CH makes it easier for both Israeli and international investors to execute orders in Israel and in the USA, and enables dual-listed companies to distribute dividends and other payments to foreign investors. As of January 2011, there are approximately 50 dually listed companies traded both in the USA and in Israel.
TASE-CH is a participant in the U.S. Depository Trust Company (DTC) and maintains a two Free of Payment (FOP) links with the DTC. The link is used to facilitate the settlement and payments of Israeli firms' dual-listed securities.
The transfer of dual-listed securities through the DTC account enables expedient, inexpensive, quick and efficient automated transfers. This service reduces TASE-CH’s risk, lowers the company’s short sale balances at the time of the transfer and minimizes administrative processing for the dual-listed company.
For additional information, see Chapter Fourteen: Clearing Israeli DCS Which are Deposited with the DTC."
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