anything going on, page-2

ANZ have today announced they are no longer a major holder of UXC. Their notice to the ASX is a masterpiece of obscurity, but if I understand it correctly, they have recently returned some 12,000,000+ shares to the original holders, amongst a pile of miscellaneous smaller trades and releases for value - perhaps that could be 'ransom paid :-).

According to the announcement, this 12,000,000 substantial return was for $0 consideration.

(I hasten to add my reading may be seriously in error: HCers please correct me if so ...)

So, let us assume that is the case, the original holders have recently regained control of a pile of shares, and we may speculate that some of them have chosen to sell, which wouldn't be a suprise, assuming there's some financially distress among them. ANZ do not however make any disclosure they they, ANZ, have themselves made any substantial on-market sales.

All of which may at least indicate that the distortion of the ANZ/Opes involvement in the UXC reistry is coming to an end.

So we may see some sort of correction. IF (if if if) UXC can maintain its recent level of dividend payout, then sub-$0.70 looks cheap, but that my friends is the $64 question. We are nearly six months away from the next dividend declaration.

Disclosure: I hold, in fact I even bouht some more today (before the announcement) at 0.70.

Rrds,
P