Originally Posted by
Snoopy
At the last disclosure Vanguard held 37,063,798 shares representing 4.845% of all shares held
Subsequent to this the 'small shareholder offer' has resulted in an additional 11,127,594 shares being issued, resulting in a grand total of 776,122,070 Contact shares now being on issue.
That means the Vanguard stake now represents: 37,063,798 / 776,122,070 = 4.776% of all shares held.
The 1% target represents 7,761,220 shares,
So the number of shares that Vanguard needs to sell by 1st April is: 37,063,798 - 7,761,220 = 29,302,578
I think somewhere near 37m CEN shares have been traded since the 23rd February reporting date for the Vanguard stake. Of course not all of those shares sold will be Vanguard shares. if we look at trading market spikes as evidence of Vanguard selling, they may have disposed of around 10m CEN shares so far. So around 20m more to go over the next ten trading days? Potentially that is a big overhang? The recent local bottom is $6.60. Could that be where we are heading?
SNOOPY