BCI went ex dividend on Tuesday so the seller(s) will collect...

BCI went ex dividend on Tuesday so the seller(s) will collect the dividend.

This is big news in that this is / was, a blocking stake to a takeover. That many shares in one line is very interesting. Some $111 Million dollars.

This must have been in the wings for some time as a deal like this would take some time to put together. Unless the buyer is BCI themselves, or the buyer wants to break listing rules, a substantial shareholder notice will land within 5 working days.

My hunch looking at the info I have and knowing a little of the history is that BCI have bought these back from CM and another party or parties as they can find no better use of their capital / profits (what a good thing). I say multiple parties because prior to doing my calculations, my memory tells me that this stake may be slightly too big to be all CM. This deal would lift their ROE, allow greater earnings per share and perhaps be beneficial when looking at taking out the final 25% of the JV.

On a side note, I love this line from the 2013 Annual Financial Report:
"mineral resources rent tax (“MRRT”)the Company has an unrecognised mrrt tax benefit of $113.7 million arising in australia that is available for offset against
future taxable profits. The Company is of the view that the availability of the benefit in its entirety is not probable as it is subject to significant uncertainty. A deferred tax asset of $9.8 million has been recognised at 30 June 2013.

Cannot wait for the news.

Come on Morgan, let the cat out of the bag.