m & g selling accelerating, page-8

Hi Seedy,

From here M&G Fund manager Graham French explains

"The manager says he has now cut the fund’s commodity-sector weighting, aiming to head off further damage but also crystallising losses made in the sector.

“We took the decision to exit most of our commodities holdings, which was a painful decision."

Now if it’s just a case of a distressed fund selling all of its mining stocks en-mass then unfortunately there's not much we can do. Those that understand the Rocklands project will have been picking up CDU stock cheaply as a result.
The jury is still out on whether there's another reason (corporate play) behind the fact they've halved the share price by dumping stock on-market just as the company starts to mine DSO and stockpiles coarse NCu ore for crushing. Early sales will follow and M&G would not be ignorant of this fact.
Was this a play to force Wayne's hand in this respect, possibly?
M&G understood the project, had sent their people to review it and in turn paid up $32M (8M shares at $4) in the placement that followed.
Hard to believe they would now suddenly decide to get out and dump every last share on-market guaranteeing they destroy the share price and lose 10's of millions in the process.
Are they that stupid....well time will tell?
One thing is for sure any potential miner looking for funding in the future would never do business with them.