daytrade diaries... tuesday, page-279

Ipod,
Worth reading CER ASX announcement. I expect other value investors will understand the significance of these sales at such a low discount to their book value.
I went very very long CER in low 5's. Around lunchtime I posted about the prop sellers & someone accumulating stock but this announcement came from left field. Given CNP & Orbis own 65% of stock, this only leaves long term holders plus a few traders. More & more of this cheap stock is being accumulated for long term holds, so the amount of available stock will dry up even quicker after this announcement. Between June-Dec this year they had refinancing commitments of $1.403b, but given today's announcement I believe the banks & other lenders may be very happy to roll over most of the funds. Some funds will have to be paid out but this should now not be an issue. The sale price also highlights their NTA may be closer to 72 cents as announced for 31/12/2008 given the small discount on book value to achieve these sales.
Please do your own research but it looks interesting both short term & long term.
Regards
Buffett