Ann: Change of Director's Interest Notice, page-2

For those who do not know the history of Change of Director’s Interest Notice relative to Don McLay, Torrens Industries has been selling down for many years.

Don McLay and the interested parties in Torrens Industries acquired many CCP of shares over a dozen years ago at very low prices. For the want of a number I'll say $2.00. I am unsure, but Torrens Industries was probaly a small group of investors, of whom Don McLay was one. There may be a story behind Torrens Industries and the turfing of the old regime in 2008, and the appointment of Don McLay as chairman of CCP.

The high-ownership point was circa November 2012

Date of change 21st and 22nd November 2012
Securities held prior to change
138,677.. Donald McLay (Direct)
19,458..... Nagarit Super Fund (Indirect)
2,120,415 Torres Industries Pty Ltd (Indirect)
2,278,550 TOTAL

Relatively recently, I recall, but I am not going to check, Don McLay's shares in Torrens Industries were transferred to Nagrit Pty Limited. This may be because the other parties wanted to sell down, and if they were relatives with whom Don has influence, then he must report movement in Torres Industries's holding. Subsequent trades substantially were because Torrens Industries has continually sold down.

If you look at the closing shares of the recent Announcement, they were
140,289 Donald McLay (Direct)
79,638 Nagarit Super Fund (Indirect)
104,028 Nagarit Pty Limited ATF Nagarit Trust (Indirect)
239,597 Torres Industries Pty Ltd (Indirect)
563,552 TOTAL

I suggest that the shares where Don is the beneficial owner have not been sold. Parties related to him with shares held in Torres Industries, adult children (possibly), have sold for reasons that probably have no reflection on CCP's performance, other than they knew when not to sell. Don is into his 70s, so even if he did sell down CCP for estate-planning reasons, it would be understandable. Because this reason alone suffices to explain a sell-down, for my purposes, the foregoing did merit scrutinising.

All I want to say is that I never read anything negative in Change of Director’s Interest Notice reports involving Don McLay, other than that, IMO, sales tend to occur at fair value, or better, and not when the SP is patently undervalued. Tom Hagen has been in CCP longer than I have, so he would probably see some flaws in what I have written.