orbis is selling, page-20

I took some profits today and crystalised a large gain at 0.34, though still have a decent sized position. It's a capital reallocation on my part to take advantage of another opportunity. That's also what Orbis is probably doing.

What still makes me uncomfortable overall is the large position CNP has. I see it as the biggest risk. Being a minority to a large and flailing shareholder with whom CER still has strong ties leads me to see a risk to CER in the future. They may not act in accordance with minority shareholders's interests. Admittedly I may be boxing at shadows and have possibly left some money on the table but the potential for a restructuring that benefits CNP got me a little spooked.

This is not a down ramp. As I said, still holding and hoping CER keeps moving north!