What was Jacobs thinking?, page-9

As is often the case with ASX-listed companies, it is not always crystal clear what is going on. However, according to the latest announcement, Citigroup no longer holds the 51m shares.

I may be interpreting the following selected snippets from today's announcements incorrectly, but it appears that it was all done and dusted last Wednesday 15th.

"Following completion of the Bookbuild, the Lead Manager will determine the identity of the purchasers of the Sale Shares (who must be Permitted Investors) and the allocations of Sale Shares to each of those Permitted Investors."

"The Lead Manager must conduct the Sale in accordance with the timetable set out in Schedule 2 "


No doubt, the market will be informed in due course if there are any new substantial holders. If there are none, then mere shareholders have now got all the info that they are entitled to get.

Whoever bought the 51m shares off Citigroup might now be wishing that they hadn't, along with many others who are now wishing that they hadn't bought shares in WOR. It can only be hoped that there is not some bad news about WOR that has not yet been disclosed and that Jacobs sold because they needed the cash. If so, then the downwards price action of the last three days has been just an over-reaction by the market, coinciding unfortunately with a falling market, and there are probably better days ahead.