Another Machiavellian twist with the usual suspects.
The Trust Company Ltd only paid a "nominal" amount for RECAPMIL back on 31 May 2010 (p27 TRU 2011 Annual Report). It had earnings power so I wondered why that was the case. Perhaps the RE contract didn't have long to run. I now suspect this transfer back was always the intention.
The T/O offer and now the timing of this repurchase suggest a tree shaking exercise to me.
All new non-exec directors TBA. Will be interesting to see if they have any pedigree.
AUD is helping nicely. Reasonably new blog article on http://www.iifunds.com.au/bristlemouth/battle-lines-form-rcu
RCU Price at posting:
46.5¢ Sentiment: Hold Disclosure: Held
