Torres Industries sold 100,000 shares and Don Mclay 10,000 at an average SP of $33.294 to realise $3,662.303. Don must report share transactions by Torres Industries Pty Ltd even if his family hold the substantial interest in that entity, and they call the shots. Don is either 70. or reaches that age this calendar year, so we should not be surprised that he and his family sell shares at fair value, particularly because that is what has been occurring for years. I would regard an SP of $33.294 as fair value.
Don acquired a huge holding of CCP at rock-bottom prices – some, I think as low as 50c. Prior to about 2014, when CCP had an SP of circa $9.00, Torres Industries ducked in and out of the CCP share register – selling at fair value or better, and buying at a meaningful discount. Since 2014 Torres Industries has been a net seller. Don and his family has made millions of dollars in capital gains over the years out of CCP, plus picked up a few million dollars in dividends.
I happen to have a record of one old change-of-ownership – to wit:
- Date of change 29th May 2014
- Number disposed 31,242 Torres Industries Pty Ltd (Indirect)
- Value/Consideration $289,218.93 [that is $9.26 a share)
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