I did some research , many on here wont remember the bad days - I do however and remember that the one frustration was that in a day it could suffer frequent wild rides both upwards and downwards. Used to give me heartaches as the movement of 30c on $5.00 is much like now.
In my research I found that The Georgia - investment division ( looks a bit USA state style) became a substantial shareholder in may 2013 that was around 2,3 million shares they recently issued a no longer a substantial shareholder on 9 September as a result of a sale of around 222,000 shares. I suspect that they still hold - or did around 2 million.
If you look they tend ( USA investment houses that are government linked) tend to buy a stake and leave it. The average price I could see would be around $8 to $9. With the A$ declining its taking a smack in US$ terms even if the price has moved up. I reckon that somewhere they took a decision to sell and its now after the September quarter and maybe its a bit more urgent to get the rest out of the way.
I do acknowledge that the share has been drifting downwards but thought that that originally was related to the Westpac decision but that is a red herring at the moment as that would only occur in around 18 months.
After all of that research I decided that (my opinion) its a great buy and jumped in for some more.
On around a 10PE its a steal in my opinion and they are not the company that got smashed before - far better management IMO.
CCP Price at posting:
$9.38 Sentiment: None Disclosure: Held
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