portfolio partners limited

found this article- http://www.businessspectator.com.au/bs.nsf/Article/Portfolio-Partners-sells-925k-Apex-Minerals-shares-B7B5U?OpenDocument


Portfolio Partners sells 925k Apex Minerals shares

Portfolio Partners sold 952,087 Apex Minerals shares worth $917,526 on January 23, falling below five percent and ceasing to be a substantial shareholder.

Portfolio Partners held 16,017,734 shares (5.06%) on November 30.

STOCK DASHBOARD: JANUARY 25, 2008
APEX MINERALS NL
Price at 10:45 am: $1.06
Price change from previous trading day: +10.75%
Relative Strength (6 months percentile rank): 43.5
Market capitalisation: $326.11 million
Turnover volume: 427,563
Volume Index (1 is average): 4.1
Turnover value: $420,644
Turnover period: 508 days
Value of $1,000 invested 1 year ago: $3,219
Source: www.BuySellTips.com

______________________________________

from that i assume Portfolio still have anywhere up to 4.99% (the point at which they no longer need to lodge a substantial holder notice. Therefore if SP continues to lag or drop one could assume that they are still selling down at what point they will stop is anyones guess but to say management knew they would be selling down imo would not be correct or else the Chairman would have waited and taken advantage of the lagging price during the sell down instead of paying the premium $1.40 per share.

I have looked into it and PP where not holders of LEG, they were also not substantial holders in AXM until 3/12/07
they have been buying on market since 6/09/07 and only reached the 5% substantial holder notice limit on 29/11/07

why they didn't pop up on the top 20 list in the annual report i'm unsure but they possibly bought under the blanket of one of the nominee companies ie HSBC or ANZ which is not an uncommon practice. Many people, funds, companies seek privacy in this way especially if your shareholders (in this case the people investing in the PP managed fund) don't know what stocks you hold they can't really batter you on their performance.


From what i can see these guys operate managed funds, they are after returns for their investors, perhaps AXM wasn't moving fast enough for them, their average buy price was 88c but they paid as high as $1.35 for some shares in october. Perhaps the fund manager is turning out to be a dud like many others we have seen in the US recently.


All in all i'd say AXM (or LEG for that matter) has no relation to PP, PP is a managed fund, possibly affected by the recent crunch/crash and are selling out to sure up their positions and get some liquidity back into their fund. The only way to know for sure would be if we could find out what other shares are held under this PPL fund and if they too are being sold.


hope this helps.
Cheers
Davo