PROOF SYNTHETICS EXIST! - CITIBANK HOLDS 510m AMC SHARES! π₯ β AMC Stock Short Squeeze Update
1,498We finally have solid proof that synthetics exist. Legally, Citibank has to hold AMC shares as the custodian bank for the Brazilian BDRs, Citibank are therefore holding 510m shares. But we also own over 80% of the float.
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Links;
https://twitter.com/Jimmy_AMC/status/1433726455137988619
https://twitter.com/Jimmy_AMC
http://www.b3.com.br/lumis/portal/file/fileDownload.jsp?fileId=8AA8D09754177C0901553C89D7C944F1&inline=1
https://www.funds-europe.com/custody-the-important-piece-in-the-partnership
https://www.itaucustodia.com.br/_arquivosestaticos/SecuritiesServices/defaultTheme/PDF/PROCEDIMENTO_BDR_EN.pdf
The Brazilian BDRs were issued in a 6-1 ratio. 3bn BDR's were issued meaning that 510m shares have to be held by the custodian bank - Citibank.
These shares have to be held separately from Citibank's personal holdings and are therefore not reported on Citibank's 13F, because Citibank aren't holding the 510m shares for personal investment. Just holding them on behalf of investors.
John Merriweather confirmed that AMC had not issued any new shares, and that AMC did not support the BDR issuance.
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