hunter hall the dumper, page-2

Having read through the Hunter Hall distribution report at http://www.hunterhall.com.au/content/upload/files/2010_06_DistributionReport_Web_June2010.pdf then they obviously have a few negative remarks on PVE, as we all know.

The dump now feels less like insider trading and more like a restructure of their growth portfolio whose main aims include 'preserving capital'. I think we could agree that an 82% loss of capital over 6 months probably breaks their fund rules and wouldnt surprise me if the exit trigger has been forced as a result (at least partially). Also they tend to review their funds in detail at the beginning of each financial year.

Fridays dumpings in particular i suspect is a fund desperate to reduce exposure trying to offload into happy buyers.


From HH distribution report:
"Australian-listed gas distributor Po Valley fell 82% over the half-year. The company slashed reserve estimates at its
Bezzecca gas field by 90% and reported a faster rate of decline in wellhead pressure at the Castello gas field. Po will
carry out down-hole pressure measurements, access the impact of reservoir performance and projected field life
tests in the upcoming months. Unfortunately, these adverse events overshadowed the commencement of
commercial gas production at Sillaro in May, its second production field in Northern Italy. The company is held in
both the VGT and AVT."
...
"While a large portion of our negative performance in the AVT over the six months came from our exposure to
Sirtex, Biota and Po Valley, there were a few other names which were also weak."



It will be interesting a) to see if they dump more PVE and b) whether BTA / SRX get sold down in the near term by HH.