Man Group PLC filed a Form 8.3 revealing a net long position of 2.1 million shares in AMG Critical Materials, equal to 1.8% of the company. The disclosure comes as the Saudi Arabian Mining Co. considers selling its 20% stake.
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Man Group PLC disclosed a 1.8% net long position in AMG Critical Materials N.V. in a regulatory filing Wednesday, the first time the hedge fund manager has crossed the 1% threshold under the UK Takeover Code.
The Form 8.3 filing showed Man Group held roughly 2.1 million ordinary shares. It also reported short positions of 0.2 million shares through cash-settled derivatives, reducing the net economic exposure to about 1.6% of AMG's issued share capital. The dealings listed include purchases and sales of the stock between 0.5 million and 1.2 million shares over the past week. On a net basis, the fund bought more than it sold during the period.
AMG shares have risen 12% over the past month. The move coincides with speculation that Saudi Arabian Mining Co., which holds a 20% stake, is considering a sale. No formal offer has been made public. AMG processes vanadium and lithium for steel alloys and battery supply chains. Its Brazilian lithium project has faced slower-than-expected ramp-up, weighing on the stock despite expectations of long-term demand growth.
The Rule 8.3 disclosure requirement applies to any person with a 1% or greater interest in a company that is the subject of a takeover offer or possible offer. Man Group's filing confirms it has crossed that threshold. Over the past week, the fund bought more shares than it sold on a net basis.
A stake of 1.8% gives Man Group exposure to any control premium that might emerge from a deal. The short derivative component offsets a portion of the equity risk. The net buying over the past week means the fund added to its position during a period of rising share price.
Under the Takeover Code, Man Group must continue to report any changes in its position above 1% while the offer period remains open.
For more on AMG's stock and recent moves, see the AMG stock page.
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