Mystery over ownership of Myer stock
Andrew Main From: The Australian November 06, 2009 3:30AM
IT'S going to be a while before we know exactly where a lot of Myer stock has finished up, which might explain why the new issue closed 7c lower at $3.76 on a day of positive quarterly sales numbers.
A lot of brokers are wondering out loud just how much stock is still sitting in the back shop with no names on it.
The pre-listing disclosure document showed that aside from having part of a big line of Joint Lead Manager stock that is spoken for, Credit Suisse also had exactly 1 million shares (1.74 per cent) in another account while Deutsche, which wasn't a JLM, had 7 million shares or 1.21 per cent in a prop trading account. Merrill, which like Deutsche was an outsider, also had exactly 7 million shares in one account. The JLMs are GSJBWere, Credit Suisse and Macquarie. And don't blame shorts: because investors don't settle finally until November 16, there's no stock available to borrow.