A little knowledge in the wrong hands can be dangerous and on this ocassion I literally have no idea what i'm talking about - but one of you might be able to make sense of my ramblings, and tell me whether the threads I've drawn are complete rubbish.
There's an article today that says 100 WA companies might be caught up in the Opes Prime debacle:
http://www.thewest.com.au/default.aspx?MenuID=32&ContentID=65756
I noticed that Bannerman (BMN) release today said that the 10.3% of the company's issued capital that is held with Opes Prime is held in 2 "ANZ nominees cash income" accounts.
I also remembered that "ANZ nominees cash income" owns about 10,767,349 shares or 3.68% of CNM. It's the 3rd major shareholder according to the 2007 annual report (page 84 of 85)
I'm a complete novice and know nothing about this sort of thing - i imagine that there are a gazillion "ANZ nominees cash income" accounts floating around - so my question is "with 100 small cap WA stocks potentially affected, is there any possible connection between CNM and Opes Prime?" Is there any risk 10 million shares might need to be sold, on or off the market?
As any regular knows, i'm not a ramper or a downramper - i am bullish on the stock - so i have no hidden agenda in this, other than a better understanding of the risks/rewards attached to the SP.
CNM
carnegie corporation limited
A little knowledge in the wrong hands can be dangerous and on...
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