Looking at the recent ASX announcement on 6 October by Carbon Energy (CNX) - Incitech Pivot, a major shareholder in Carbon Energy, "indicated its intention to take up the full offer" of its entitlement of forthcoming new issue by Carbon Energy at 12 cents.
The CNX share price has declined from 41 cents to 14 cents over the past 12 months - that is a 65% reduction in value. According to the Sydney Morning Herald last Wednesday (http://www.smh.com.au/business/energia-chief-another-victim-of-nuclear-fallout-20111011-1lj2a.html) 26% of Energia (EMX) is owned by Carbon Energy. Energia's shares declined from a high of 28 cents in December 2010 to 8 cents today. That is a decline of 72% over 10 months.
Is this a loss averaging strategy? Or is IPL feeding a long food chain?
ipl investment in carbon energy cnx
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