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hottuna

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30/06/15

16:42

Post #: 15556780
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Originally posted by shadowboxer1 ↑

I was moderated for unsubstantiated information for showing who voted for what. It was done mathematically and a process of elimination with a couple of reasonable assumptions. The assumptions are that all the major Chinese shareholders voted also anyone of sound mind wouldn't vote for approval of options without approval of shares. Voting power cant be split its either for for against.

Oceanwide 54.5 million shares, Apex 26.6 million shares and Sino 17.3 million shares for a total of 98.4 million shares leaving 23.4 million from the total of 121.8 million shares cast.

Oceanwide definitely didn't vote for issue of options as 34.2 mill was in favor which is less than the 54.5 mil they have. If someone voted in favor of options it is sane to think they voted in favor of issuing shares so 58 mil take 34 mil is 24 mil thats left meaning again it wasn't Oceanwide voting in favor of issuing shares otherwise the total would of been 34+54=88 million at least.

Its easy to see at least 21 people controlling 7 million shares spat the dummy with everything which is a worry because that's some serious voting power. 23.4 million votes cast outside Chinese control take the 7 mil leaves 16.4 million and add that to New Apexs 26.6 would be 43 million which is short of the 58 million in favor which means both New Apex and Sino voted in favor of issuing shares but both didn't vote for the options because the total would be higher than 34 million votes for.

58 mill for shares take 34 million for options leaves 24 million difference, 24 is greater than the 17.3 million Sino has so it was Sino that didn't vote in favor of the options.

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But of course you need to separate opinion and fact, which you have now done.

I broadly agree with your assumptions but there are a couple of other possibilities.

Firstly, the assumption that a CDU shareholder is of sound mind is by no means a given!

Another possible alternative is that New Apex have reduced their holding. There are ~277m shares on issue, so they could sell ~2.7m without needing to file a substantial. Obviously that's less likely for COW, given they've only recently gone to 20%.

CDU Price at posting: $1.70 Sentiment: Sell Disclosure: Held
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