How good a "friend" is RC?

[Palm]

Very interesting to watch how RC has bought his shares. Story is that his initail batches came from Soros' sales back in Jan/Feb. Since then it appears his goal has been to get to between 15-20% ownership (he is just over 15% at this point). His last reported buying on SEDI were shares purchased on June 20 and that day we closed at the recent closing high of $72.43. Since then the volume has been lower on a daily basis, yet it has been hard to keep pps below $70.

So what is his next move now that it appears in acquiring his 15% he has pretty much dried up float and there are reports shorts are contacting brokers to have them contact large retail holders of IOC shares in an attempt to free up shares they can use to short IOC? Almost appears that RC is happy holding here and may only buy more if he can get them below $70. In May and June he did not buy while OE activity was going on. With OE day being on July 20 will the attempt to push pps down start mid-week next week? And will RC stay out while MM pushes pps down just below $70 (and maybe $65 depending on how aggressive he wants to be)?

From what I read an MM is allowed to use naked shorting to "keep order in the market", but that is supposed to be for a very limited time. If float has been sponged up by RC, this could be a very interesting OE period, especially if there is any positive news that comes out.

RC is a very good friend right now

[Palm]

On this very low volume it has been easy for IOC to slide below $70. Has the OE push begun and will we see an attempt to get it just under $65 or $67.50 2 weeks from today? Time will tell.

[admin]

Ugly macro picture, palm, with the 10 year Spanish yield once again rising to just under 7%. A no holds barrel short attack would be difficult though. We've got well news coming up and it must be unnerving being short and facing Chandler who could step in at any time..

[Palm]

Agree, but volume picked up starting at 11:30 and last month RC did same thing. Stayed out until after OE then began supporting just under max pain. Max pain being $65 in 2 weeks and if RC wants it to stay above $70 it will be easy for him to help that if he wants to continue his climb toward 20%. Macro forces have been negative well before today and IOC had climbed against the tide. With news that Fido and Schwab have been contacting retail clients with large holdings ahead of 6/30 Mitsui extension and paying 8% (Fido) or more it's pretty clear that a move is being made. Too much money on table for it not to happen. Pretty predictable month to month to month............

[Palm]

Click, click goes the wratchet

[Petrovale]

Is anyone aware of possible institutional relationships between RC, Orchid Fund and a company named Orchid Capital?
Would be quite coincidental for the Orchid name to turn up in so many O&G related contexts, no?

See: Revamped PNG explorer, Monday, 23 July 2012
http://www.pngindustrynews.net/storyview.asp?storyid=9589569§ionsource=s0

[TxPm]

When RC originally started accumulating shares & I was doing my DD on him & the Orchid Fund I came across this Orchid Capital & from what I could tell there was NO relation between the two.

[Gator]

I don't think there is a connection. RCCC is the sole shareholder of Orchid Fund Pte Limited. Orchid Capital Limited is a listed stock on the ASX.
http://www.asx.com.au/asx/research/companyInfo.do?by=asxCode&allinfo=&asxCode=orc