Thanks for the link Stoploss...Makes me wonder what changed their "long term positive outlook" into dumping about 4% of their holdings...scary days for TIL...
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That's the question. Will we see the "no longer a substantial holder" notice. Selling 1m could be put down to anything really - better opportunity etc. But if they continue to sell then something must have changed substantially.
Lots of buyers picking up large parcels over recent times though. Now we know it's not Pie I wonder who it is. Other 2 funds still holding tight with a tick over 5%.
Tricky waters to navigate. Could be capitulation, could be a sign of things to come.
Read your post but what i still can't understand is that when the announcement was made about China on Nov 29th, the SP was $3.28 and PIE sold it yesterday at $2.65.In short if china issue worries them so much then the should have diluted their holding long ago...if we assume that being the case.
The announcement I am talking about was in the NZX Speeding ticket ( on the downside) enquiry .When you have that many shares it is not easy to sell . They publicly said in January they were adding shares and still liked the story , so recent update might have been the catalyst .
Yes I am certain they will be looking for any reasonable opportunity to extricate themselves from this company. Pretty clear to me that sales per share, i.e. growth adjusted for the increased number of shares on issue compared to the same half last year is now negative and they don't want to invest in a growth company that's stopped growing...very bad for business.
It was only in recent weeks that CVT really shocked the market with its savage downgrade blaming it on China. Takes a little time to add up the disappointing numbers and then a few days more to craft up the usual corporate spin that often comes with these sort of announcements. As stoploss has mentioned they have left the gate wide open for a downgrade something I am also happy to put a pint on happening.