Dec. 15 at 10:30 PM
$VG When you cite 96% institutional ownership that figure is inflated by who counts as an institution and why they hold the shares. Strategic / control holders, Founders, Early backers, Sponsor entities, Long-term locked holders. These count as “institutional,” but function like dead float. The institutions I was referring to are when I say “institutional demand” are Long-only mutual fund, Pension funds, Sovereign wealth, Large-cap growth managers, Quality/infrastructure funds, LNG thematic allocators. These funds typically will not buy, or limit buying, until arbitration uncertainty is resolved or bounded. The irony is that because Sabel and crew own about 84% of all shares, if the institutional demand I was referring to actually picked up, shares would be hard to come by.
