Bank of NY Mellon are a large custodian/nominee holder for an unknown number of beneficial owners. We don't know how many of them are or have been selling although the odds are that it aint over yet!
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BNY Mellon is NOT the ultimate beneficial holder of the Chorus shares. They issue the Chorus ADR (Symbol: CHRYY), which enables trading in Chorus on the US markets. They hold the CNU shares as backing for the CHRYY they have issued (ratio 5 CNU to 1 CHRYY).
So the reduction in their holding means that quite a few holders of those ADRs (probably mostly US fund managers diversifying internationally into 'safe' utilities in 'safe' jurisdictions) have sold their CHRYY causing BNY Mellon to cancel those ADRs and selling the CNUs no longer required.
I doubt BNY Mellon makes any investment decisions here, they are mainly arbitrating and collecting fees for providing the service.
I would think their holding in MELCA will be for a similar arrangement, though I could not find a Meridian ADR.
I was thinking the same thing Bjauck. In this MMP environment it is going to be very difficult to push through sensible legislation if the need for it can't be easily explained in a tweet or a 15 second news interview. In contrast it is all too easy to take political advantage with w glib comment that appeals to envy. Like "Chorus just paid out HOW MUCH MONEY as a dividend to those rich B****rds!! Time we stood up for the needy and gave them cheaper phone bills" You can't de-bunk that within the attention span of the target audience unfortunately.
The 5m trade at 4pm at a price of 130c may be significant - pivots normally occur with large trading volume. Today we are going to top Tuesday's 7m daily volume.
Monday, I'll be buying if it has a higher low than today's 127.
BC
Wow, suggests NZers are a bunch of simple minded and gullible yokels who believe anything in typeface form (and handwritten notes from a smartly dressed and fine upstanding Vodafone chaps and their pals). Hard to believe any underhandedness is going on, not from a nation that penned the inspirational and uplifting text that was the latest Hannover Finance prospectus.
http://www.youtube.com/watch?v=SjbPi00k_ME
:)
Vodafone rang a short time ago to say that if we shift to a new phone/broadband plan and sign up for it for a year then we will make savings.
My reply? "I will come back to you on this. As a Chorus shareholder I am deeply unhappy that Vodafone have supported the current Chorus mess and am looking at changing companies. Please pass this on to Management"
Now off to research the alternatives...
Any suggestions? (Fibre unfortunately not being an option. Current download load speed on our ancient copper lines is about 3Mbps )
We're with Vodafone will be giving them a call on Monday to change to Telecom probably and telling them as we pay around $200 a month for our services then maybe they could give us a free period say for around the next 45 years should do the trick and square off their debt to us for their part in CNU saga