Goldman & Merrill has been accumulatingFor the month of March starting 1st March to 1st April, GS has increased its position to 5.9M shares…They are still holding them…Merrill is not that behind…They are holding 5.8M shares..
This adds up to 11.7M shares. Now remember, PRE has total 316M outstanding shares. Out of these 60% is held by Betancourt, Alfa, Trifagura and others. Another 15% is held by big fund management companies and institutional investors. This means only 25% of Shares (Around 70M) is held by people like us and available for sale in market. 11.7M of 70M is around 15% which now is held by GS and Merrill. What? You see….. Slowly and steadily they are increasing their position….
In the last week itself GS has bought and held 3.5M shares and Merrill around 1.5 M shares…This is a strong position and it further strengthens the fact that there is a strong buy-out offer in discussions.
I looked at the House positions Last year before the announcement of offer from Alfa and the trends were similar.
This is getting further strong from here. The only way the share prices will go down from here is when these big houses start selling what they have bought…looking at March all they sold is around 650K shares and not surprisingly GS has sold only 150K shares…..
These guys know all about what kind of deals are in discussion and are buying every possible share from the market at whatever rate they can.
Please note I have not included other small houses like ITG and other who have also increased their position selling negligible no. of shares
Cheers!