Hughes and IPFM (LCE's investment portfolio) got the shortfall from shareholder take-up at both the 2004 (16c) and 2005 (12.5c) rights issues. Prior to these offers, Hughes made an off market bid for shares to select shareholders in 2004 at 17c when the market price was at 15/16c which netted him a few hundred thousand. The recent spate of buying by LCE has really been the only considerable amount of shares either party has purchased on market.
It is good to see employes with shares, although the ESAT holding get's paid for out of the company's profits.
The executive and directors renumeration does appear to be acceptable, but will be something to keep a close eye on with the board made up of only one independant director.
I would imagine both CPB and LCE will be jockeying for the extra shares which will appear on the market after the DRP shares get issued. this maybe the time they will look to begin gathering the 4M shares they will be eligible to buy during the 6 months following the conclusion of the takeover offer.
I'm goimg for DRP too, provided computershare does their thing. They just seem too cheap to pass up at less tan 9 times 07 earnings, I hope there are plenty of other shareholders who feel the same. it would be good to see very few shares put on the market for sale. This will frustrate Campbells plans to keep accumulating shares at underpriced levels.
regards,
Cheerful.
CHL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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