The largest Class A shareholder, Trojan Investments, holds that exact number of shares. I don't think it is a secret that Trojan has always been a potential seller. They agreed to the buyback offer at the same price and clearly are still willing to sell at that price.
This should not be taken as a reflection on CMIPC or its value. It is a reflection on Trojan itself. Because of the discounted value of the Trojan shares a year or so ago, the Directors of Trojan put it to shareholders and had it approved that they realise their assets and return the proceeds to shareholders. Trojan is trying to sell all of its assets not just its CMIPC shares.
For those who might want to read the background to this, the appropriate link is:
For the rest of the CMIPC shareholders though, it does present a bit of a problem when many of us believe our shares are worth a lot more but the largest shareholder is trying to sell out at 63 cents predominantly for reasons unrelated to CMI.
GPASAS
CMI Price at posting:
66.0¢ Sentiment: Buy Disclosure: Held
