Docket number 596 filed on 3/30. If this docket would have been approved AAR would have been able to transfer 3 million shares and been left with 6.8 million. They would have no longer been a “substantial equity holder” (7 million shares).
Docket number 644 filed on 4/14. MESA must have denied docket 596, so AAR filed docket 644 which allowed them to transfer 1.1 million shares. Now they have 8.7 million and still a “substantial equity holder”. This is when the selling begins.
Now look at the chart. We had a very nice uptrend that took place then we were in a consolidation period until 4/14. Look at the Accum/Dist line…
Docket number 669 filed on 4/21. AAR states that they completed the transfer from docket 644. Now they want to sell 1.7 million shares and be left with 6.9 million. NOW they will no longer be a “substantial equity holder” (7 million shares), they will have 6,991,680. Just a little under the 7 million. Guess what… they are no longer required to file anything else to unload the rest of their shares.
They also filed a 13D on 4/26 which also relieves them from filing any more 13D’s. They are now free to sell all of their shares.
So on 4/21 we started absorbing the shares along with shorts taking advantage of the situation.
Again look at the chart. Notice the dramatic price drop in comparison to the consolidation period.
Without buying pressure, AAR Corp selling 7 million shares and shorts along for the ride, we have had a price drop.
We have averaged over 1 million shares a day in volume, so I would imagine that we have about absorbed their shares.
Does that answer your question?
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