I have been observing Transurban for 2-3 months through the machinations of th on/off Canadian offer (or not).
It is quite interesting to see the trading range 5.00-5.15 over the last 4 weeks (with a couple of exceptions) then this week a couple of pumps to 5.28, then 5.22 today, both on around 1m shares for the push.
Once that million clears the buyer(s) appear to retreat, and 1-2 million come for sale at up to 10c less.
The last few days have seen less selling, is it possible someone like the future fund might be taking a position (TCL has underperformed the market by over 10%). If people were happy at 5.50-5.75 mabye even 6.00 with the ASX200 at 4,500, they should be happy at at least that on a relative basis.
I suggest persons interested watch this one to see if it looks like the sellers have yet dried up, or someone is taking 1+ million shares a day to accumulate a position at a discount.
(I am long the stock waiting for a bid or capital reconstruction to emerge)
TCL Price at posting:
$5.18 Sentiment: LT Buy Disclosure: Held
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