Contact Energy - CEN Chart

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Link to the release ? I am having a hard time finding it.

S&P is still in consultation around the most recent proposal, with feedback required by 19 March 2021. They are now proposing 100 shares, up from the current 30.
There's a link in the document to a spreadsheet which among other things, lists the new portfolio weights that would apply. The two critical one's for NZ are:
>Meridian 1.053% (Currently 4.5%)
>Contact 0.936% (Currently 4.5%)

https://www.spglobal.com/spdji/en/do...d3-12-2021.pdf

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...duplicate

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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

Snoopy, what about the Blackrock held shares for iShares Global Clean Energy ETF?

At the time of posting the link below stated they held 43,619,902 shares (at 16 March 2021). These shares were 4.01% of the clean energy portfolio holdings. Over 75% of these are going to need to be sold to get down to the new proposed weighting of 0.936%. So far no net sales have occurred (the 16 March shares owned is higher than the 26 Feb quantity of 43,073,956. This is again higher than the 31 Dec holding of 32,774,120 shares).
https://www.blackrock.com/us/individ...ean-energy-etf

[Snoopy]

Snoopy, what about the Blackrock held shares for iShares Global Clean Energy ETF?

At the time of posting the link below stated they held 43,619,902 shares (at 16 March 2021). These shares were 4.01% of the clean energy portfolio holdings. Over 75% of these are going to need to be sold to get down to the new proposed weighting of 0.936%. So far no net sales have occurred (the 16 March shares owned is higher than the 26 Feb quantity of 43,073,956. This is again higher than the 31 Dec holding of 32,774,120 shares).
https://www.blackrock.com/us/individ...ean-energy-etf

I think the iShares holding and the Vanguard holding is one and the same. Vanguard are the largest shareholders in the Blackrock group.

SNOOPY

[Maxtrade]

I think the iShares holding and the Vanguard holding is one and the same. Vanguard are the largest shareholders in the Blackrock group.

SNOOPY

Quick question guys. From the information that I have been able to find, the clean energy funds will need to be selling off to rebalance from 2nd of April to 16th of April.Can anyone confirm if this is correct please.

I noted on previous thread comments that the sell-off would be completed by April 1, but I think that is incorrect. From my understanding the rebalance sell off will be occurring over the next two weeks. So in turn SP likely to drop substantially for CEN and MEL over the next 2 weeks.

Please let me know if this is right.

Thanks

[Maxtrade]

April 2nd iShares Global clean energy ETF sell off commences, needs to be completed by April 16th

[44wishlists]

Index balance doesn't work like that. No doubt there will be huge volume change hands during this period, however, it is not necessary going to cause a massive sell off on the market. A lot will be changed hands between institutes. You can google on the subject, and you will find plenty of useful information for your bedtime reading.

[Maxtrade]

Index balance doesn't work like that. No doubt there will be huge volume change hands during this period, however, it is not necessary going to cause a massive sell off on the market. A lot will be changed hands between institutes. You can google on the subject, and you will find plenty of useful information for your bedtime reading.

Today was the first round of iShares ETF rebalancing sell off.

Agree with your previous comment, most transactions we don't even see on market, but the result is the same whenever there is a large sell off in a company such as this, the SP normally declines. Hence todays major drop in share price. This week there will be continued bulk sell off of Contact and Meridian shares. In turn likely we will continue to see SP decline further throughout the week. Will likely see SP test previous 6.2 support level by end of the week.

[Maxtrade]

Today was the first round of iShares ETF rebalancing sell off.

Agree with your previous comment, most transactions we don't even see on market, but the result is the same whenever there is a large sell off in a company such as this, the SP normally declines. Hence todays major drop in share price. This week there will be continued bulk sell off of Contact and Meridian shares. In turn likely we will continue to see SP decline further throughout the week. Will likely see SP test previous 6.2 support level by end of the week.

456 Million Contact energy, and 510 Million Meridian shares to be sold off April 19th. No wonder there's so many shorts on the stock this week. Question is just how low the SP will be forced down to on the day the sell off must be actioned.

https://www.afr.com/markets/equity-m...0210402-p57g8n

[see weed]

Today was the first round of iShares ETF rebalancing sell off.

Agree with your previous comment, most transactions we don't even see on market, but the result is the same whenever there is a large sell off in a company such as this, the SP normally declines. Hence todays major drop in share price. This week there will be continued bulk sell off of Contact and Meridian shares. In turn likely we will continue to see SP decline further throughout the week. Will likely see SP test previous 6.2 support level by end of the week.

SP up 51c in last week. What happened to sell off