Good morning, it's Paul here.

Estimated completion time - today's report has to be finished by lunchtime, as I'm off into London for a meeting in the afternoon. 

EDIT at 12:20: today's report is now finished.

Market hours

The Telegraph reports that consultations have recently started, to consider shortening equity market hours in London. This is designed to promote diversity, and more flexible working practices, so that e.g. working parents can have more childcare friendly working hours.

Revised market hours of 9 am to 3:30 pm (instead of 8 am to 4:30 pm currently) is one proposal. 

I wonder if investors are going to be consulted on what we want? Personally I would love to have a later 9 am start to market hours, providing the RNS were still to start at 7 am, thus doubling the amount of time we have to digest company announcements before deciding whether or not we want to place any buy or sell orders.

An earlier finish at 3:30 pm (or even 3 pm) would also open up the opportunity for some companies to release results & trading updates after hours, as they do in America. Thus giving everyone plenty of time overnight, to pore over the detail of results, if they wish.

The counter-argument, for keeping existing hours, is so that London is open at the same time as Far Eastern markets in the morning, and USA in the afternoon.

If anyone spots a consultation aimed at private investors, let me know, and I'll publish the link here, so everyone can have their say. The existing trading day seems far too long, with long periods of inactivity from late morning, through to mid-afternoon in many small caps. Shortening the day seems very sensible to me, from a small caps perspective.

Avanti Communications (LON:AVN)


This satellite operator was an obvious basket case, for years, due to massively excessive debt, and trading losses. Shareholders were diluted by over 90% when the bonds were converted into equity. Given that the bondholders own the bulk of the company's equity now, there's little free float, hence no point in maintaining its listing. 

Therefore it has decided to delist, becoming a private company. Therefore investors who cannot hold shares in a private company, will need…

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