SSF Pricing - RDF (Simon?)

[JohnnyCash]

Simon can you shed some light for me on the SSF pricing specifically for RDF? I know their results and distribution came out yesterday and that an estimated distribution is included in the SSF pricing. From the Loss I incurred today eventhough RDF closed 1c higher it tells me that the estimated distribution used in the pricing was higher than the actual? Otherwise, any reason why the SSF closing from 19/04/2007 @ 828 changed to todays 817 when the share price closed 1c up? Assistance much appreciated!

[JohnnyCash]

looks like the ssf pricing did not update to jse closing pricing and is still on last Bid? Could that be the reason?

[JohnnyCash]

Even after yesterdays P&L has been updated to show the Mark-tomarket price it still says RDF ssf's new closing is 817 vs. the previous days 828, whilst the share moved from 815 to 816. Can someone shed some light? Simon? The total reduction looks like 12c? That is also equal to the distribution announced? Did they delete the distribution part of the ssf pricing and not update it with the new value? Slightly confused at this stage...

[SimonPB]

JC, chattign to the expert a potentil issue was that the incorrect clsoing was given for wednesday, hence trhe seeming error for yesterday. But am digging.

[JohnnyCash]

Thanks Simon, much appreicated!!! It seems strange that the discrepancy appear to be very close to the actual distribution amount? Maybe it was finger trouble and should have been added and not deducted from the SSF-Price?

[SimonPB]

any change to dividend expectations (vs. now what we now) will be adjsuetd onthe SSF price but then the reverse will be adjusted on your account. So if SSF drops 10c then 10c credited to you, so position is flat.

[JohnnyCash]

Exactly, position should be flat and I should not show a daily loss from Wednesday to Thursday with the share price ticking up and the distribution being ahead of expected.

I agree it should be flat but I calc the total adjustment to SSF yesterday as a 12c reduction which is the same as the distribution and that's why I think the neutral distribution wasnt that neutral....

[cfm]

Click on your the 3 month bash balance option in your account. You should see a deposit for the adjusted amount. The same thing happened to me earlier for OML.

Simon, please suggest to the guys that we get the warning emails before the adjustment is make. It almost triggered my stop loss.

[JohnnyCash]

Thanks, u got me all exited but when I checked my cash there was no deposit related to RDF :(!!!!! Fingers crossed Simon can come up with my R10k today! Got habits to fund mon!!

[SimonPB]

OK, the market makers had the wrong ex-div date hence the wrong price move. Bad news is that it'll only re-correct on Monday. Speak to the okes at 0800 111 780 for more detail or whatever.

[JohnnyCash]

Thanks Simon!!!!!! Man do I get a little extra for spotting the error eh? Or a kick in the pants for costing them money! No worries about only fixing on Monday that's fine, will keep beady eye on it on Monday!

[SimonPB]

well next time you be in the smoke stack you get to kick them in the pants, give or take a foot! Shout is Monday is wrong.

[JohnnyCash]

Errr, I shoulda bought some more RDFSSF before asking bout error!! Looks like bid/offer on SSFs on site seem to be correct!

[SimonPB]

in facty, cash is now in your account. Somebody pulled *&^%^$^%^.

[JohnnyCash]

Drinks on me tonite then! BUTY BEFORE I pay for drinks Kindly ask ADMIN to make that entry a Credit and not a debit! Im sure if it was going to cost me I woulda kept mum!