My assessment is that as at 4 September 2015, when Georgia ceased being a substantial shareholder, they still held $2.635m shares. I am also assuming that as at 2 October 2015, when Denver ceased to be a substantial shareholder, they held $2.29m shares. I believe that both Funds continued to selling big time during October and this is the main reason for the CCP fall.
Turnover this month has been massive with more than 7.5m trades so far. The only way I can account for this massive volume is to infer that both Georgia and Denver have been selling what remains of their stakes. They may have had 2m shares each at the beginning of October, but I doubt that either has even one million each shared now.
If this inference is correct, they are both nearly 'out of amo' and their selling pressure must surely dry up very soon.
K
CCP Price at posting:
$8.61 Sentiment: Buy Disclosure: Held
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