TMAC's take on BlackRock's selling From TMAC's Investor Relations in response to my questions regarding BlackRock's selling 3M shares in the last few months:
We believe that the likely reason for the downward pressure on the stock over the last few months has been related to a seller in the market. We had heard that it might be BlackRock and that was confirmed when we saw their filing a few weeks ago.
When TMAC IPOed BlackRock owned approximately 9-10% of the shares and they participated in the financing in September 2018 and purchased shares to increase their ownership to 13%. They have now been selling their shares to get back to the original ownership levels.
There are a few active fund managers that have expressed concern about the illiquidity in our stock. I’m not saying this is the case with BlackRock, but it has been mentioned to us by several fund managers. We are working on various ways to increase the liquidity to make us a more attractive investment.
We aren’t too sure if they are exiting or if they will maintain their ownership levels at 9.4%.
Now that BlackRock owns less than 10%, they don’t have an obligation to publicly disclose their ownership. So it might be more difficult to know if they are still selling.