any ideas?, page-3

I've followed for years. Some randomn thoughts:

They have been cost cutting and facing declining margins for years.

Second in market to paperlinx.
GPG was a major shareholder and sold out...usually they stay in until the business value is captured..i saw that as their "expert/inside " view that returns were unlikely.

If you loook at today's change in substantial shareholding, you'll see the quantity they bought in the last month is almost the same as total sales in the month. Therefore, the recent run up in price was driven by them
I too saw the factors yoyu highlighted, and bought at 16 and sold at 30..got the feeling the steamm had run out of price. Future price in short term probably depends on their intent to increase shareholding further.

Personally, I think the management are making the right moves...fobbing off machinery sales, buying an consolidating a competitor, rationalising warehousing. It's been a long, slow road though in a market which is fundamentally not a great one for CPI (or anyone)to be in.

Cheers!