Consolidating misfortune?, page-11

It’s somewhat ironic that the reason given for the share consolidation was that having 1.9 bn shares on the register was a deterrent to international institutional investors.

NEU dutifully took an axe to the register, lopping it back to slightly less than 100,000 shares. And then we waited.

The institutions were most receptive. Whereas, just prior to consolidation (Ref: 06/10/17), 14% of the company was held by institutions , two years post-consolidation (Ref: 18/10/19), just 5% of the company was held by institutional investors . Yes, not only didn’t the institutions buy, they sold.

Then magically, once shares were on offer in the "further discount on discount" bin, the institutions finally put up their hands.