I wrote this in HC about CIMIC a year ago on 21/03/2021"Would...

I wrote this in HC about CIMIC a year ago on 21/03/2021

"Would not surprise me at all, CIM announces commencement of Share Buyback tomorrow (Monday) morning, before market open....wait for it.All part of the "game" that the Europeans are playing in attempting to mop up the ownership, on the cheap, of this once great Australian Company....ie without ever having to launch a full takeover offer for the company. Partial (%) takeovers (8+ yrs ago), gradual buying by the Europeans-about 1% per year (in the earlier years of ownership to get them over the 50% mark and thus controlling interest without paying a premium) and the past few years with the annual 10/12 rule of buyback/cancellation of shares to "one day" get them to the 90% ownership level and compulsorily acquire the remainder at probably under $21 a share. Probably this will occur in late 2022/early 2023.It is a blight on our system of Corporate Governance by institutions such as ASIC that this is allowed to happen. Longterm (and often loyal) shareholders have seen the value in their company destroyed by a system that allows this form of manipulation/flouting of the rules of takeovers. It is shareholders money that the Europeans are using to achieve their final goal - full ownership on the cheap/no takeover premium. The remaining retail/small shareholders are the losers. Dividends are kept artificially low (Europeans control the Board who decide how big the dividend will be) so that the cash not distributed as dividends, is used in the buyback and cancellation of as many remaining shares as possible - within reason of course, so as not to increase the share price too much - who wants to pay more for a company than they need to !!.Mind you the management team has been quite poor this past decade, what with the losses incurred in the Middle East, half sale of Thiess for $2.1 bil basically paying off that debt/loss there (some left over for the buyback !!).Previous forays into India and USA have all ended with losses. Stick to ANZ/SE Asia my dear Spanish boys !! And improve your margins/contracting quotes.BTW last Substantial Shareholder notice I can see is in Jan 2021 with Hoctief/ACS owning 244.63 mil shares out of 311.3 mil shares = 78.5%. Even if they were to successfully buy and cancel 31.1 mil shares over the next 9 months (which I doubt very much) their ownership increases to 244.63/280.20 = 87.3% still short of the 90% compulsory acquistion limit, so I can see 2022/3 being the year of takeover.I regret ever buying them, and averaging down over the years, I feel like I have been taken for a long and painful ride, which I should've seen coming. I have a sentimental attachment to the company. My father worked for Thiess Contractors for 41 continuous years when they were Civil Contractors mainly in Australia. He virtually built the (now closed) Shell Oil Refinery at Clyde. Many a company Christmas Party in various parks across Sydney with Santa arriving to distribute toys/presents. Wal King (former CEO) was once a Santa !! My dad still owns 25,000 shares since 1987 !!Disclosure: yes I still own them (too many!!) with an average around $27, and yes I bought more on Friday (too many again) near the low of the day, hoping for a short term bounce....fingers crossed for this week.The Shorters watch out.....the buyback is coming.BBB"

Yes they didn't relaunch the buyback, but sure as hell they came earlier than anticipated with the takeover (at about my $21 price).
Apologies to holders but I needed to sell on market as I needed to get my Margin Loan under control, what with interest rates likely to rise. My father will hold his in thehope that a higher price (unlikely) or a delay so that he can sell in the next FY (July 1st 2022) to have a better tax outcome.
HOCTIEF if your listening some long term holders are in this situation and will not accept til July 1st. Your takeover offer should have spanned 2 FYs, you guys have nothing to lose as CIM FY is calendar year (Dec 31st).
Regards