I've had shares in TGLO since fall of 2005, and have followed its movements closely since.
If the accumulations I've referenced are not coincidence, then Section 13(d) of the 1934 Act and Regulation 13D thereunder require beneficial owners of more than 5% of a class of equity securities of a publicly traded company to file a report with the SEC. For purposes of calculating the percentage of shares held, a fund manager will generally be deemed the beneficial owner of the shares held by its clients, as well as of any shares held in its proprietary account.
See: https://www.investmentfundlawblog.com/resources/investments-by-funds/acquiring-5-publicly-traded-company/
So, it wouldn't seem like it is Delfin Et al. But, it does seem it's a party or parties close to the pulse of what is going on who are able to fly under the 5% SEC regs, assuming there is a correlation.
There were also approx. 35M shares traded in TGLO from Jan 15, 2015 through Feb 27, 2015. prior and near the announcement on the 27th Feb:
Cedigaz News report
-
CNR54
-
5
LITHUANIA
-
USA
:
Lithuania looks to U.S. for gas imports
Lithuanian liquefied natural gas (LNG) importer Litgas has signed a preliminary agreement with a U.S. supplier, looking to lessen the
Baltic nation's dependence on Russia.
Litgas said on Friday it had signed a memorandum of understanding (MOU) with Delfin LNG, a developer of the United States' first
offshore gas liquefaction project.
Delfin LNG LLC is developing an offshore liquefaction and export facility in Louisiana with a total export capacity of 13 million tonnes of
LNG per year (about 18 billion cubic metres of natural gas).
Subject to regulatory approval, the project will be constructed in phases, and is expected to start in 2019.
The MOU is not binding in terms of selling or buying LNG, Litgas said.
Lithuania's import terminal next to the Klaipeda port has a total import capacity of 4 bcm of natural gas (2.9 million tonnes of LNG)
compared with annual consumption in the Baltic states of 4
-
5 bcm. (February 27, 2015)
02/27/2015
Jan 15, 2015 13500
Jan 16, 2015 494071
Jan 20, 2015 1127400
Jan 21, 2015 200008
Jan 22, 2015 200067
Jan 23, 2015 166500
Jan 26, 2015 12472663
Jan 27, 2015 1597763
Jan 28, 2015 1815044
Jan 29, 2015 310018
Jan 30, 2015 200
Feb 2, 2015 653893
Feb 3, 2015 70000
Feb 4, 2015 100000
Feb 5, 2015 10125
Feb 6, 2015 510200
Feb 9, 2015 45000
Feb 10, 2015 100100
Feb 11, 2015 0
Feb 12, 2015 1756766
Feb 13, 2015 8429485
Feb 17, 2015 3165779
Feb 18, 2015 1331944
Feb 19, 2015 1486
Feb 20, 2015 50036
Feb 23, 2015 15328
Feb 24, 2015 200000
Feb 25, 2015 2250
Feb 26, 2015 4080
Feb 27, 2015 18964
S2focus has noted previously that the 10-k contains the following language and a missing X in the Yes or No area (which I find mysterious): "Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Sec.229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K."
In summary, the Feb 27 event, and my aforementioned posts regarding TGLO trades, account for around 78M shares traded (around or near past Delfin events). I think it's a stretch to suggest they all have been accumulated by affiliates disclaiming beneficial ownership. However, I think a material amount of them may have been. While perhaps boiler plate language regarding "Common Stock held by non-affiliates of the registrant" (on June 30, 2017), this is nevertheless included in their Form 10-k: *Includes voting stock held by third parties, which may be deemed to be beneficially owned by affiliates, but for which such affiliates have disclaimed beneficial ownership.
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