He has too big a position to dribble that out on the market. Would more likely look to sell in blocks if he does want to sell chunks of it. I think the AGL share price falling is due to lower electricity prices.
Interesting point about when MCB might want to sell. Changing AGL from the outside is hard and slow. One of the biggest things he could do has already happened with the large scale turnover on the board. It is now a long slog by management to change it from the inside. Will MCB be patient enough to sit there for next 5-10yrs+ and hold a stick at each AGM? That 70m shares of a relevant interest is worth about $600m. Does he really need that cash back or happy to sit on it, pick up the dividend and keep the pressure on the company and board.
AGL Price at posting:
$8.72 Sentiment: Hold Disclosure: Not Held
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