Buffett, I have had a look through the announcement and can't...

Buffett, I have had a look through the announcement and can't find the part where it says that they are planning to lighten their holding further or that they need to find buyers for the remaining 327.6m shares.

Did you read that somewhere or is it just speculation?

We have no idea why they reduced their holding today or what their plans are for the future and unless the company is going to be kind enough to tell us, we never will.

They have successfully offloaded 26m shares since 29th September without having any impact to the CER market at all. This is testimony in part to the skill of the investment bank (which unless they have changed is probably Deutsche or Citi) and in part due to the upward momentum which continues in the stock.

Orbis have to mark their position to market in the same way everyone else does. If they are planning to sell any more, they have a vested interest in doing so over a period of time using a skillful broker while the CER price continues to rise.

Orbis run a number of in-house funds but they also manage funds on behalf of others. A list of these is supplied in the current and past notices. The reduction in holding could be due to anything from CER hitting an internal price target through to funds needing to meet redemptions. We simply don't know. What we do know from prior market activity is that Orbis have bought CER shares as low as 2c each. Maybe they have an internal risk rule that forces then to lighten a holding once it gets to a 10 bagger.

Simon Marais (his name has to be pronounced with a South African accent so it's 'Seemon Mahray') from Orbis has said that he is a fan of undervalued REITs and his increase in holding of Valad (code VPG) yesterday seems to demonstrate that this is continuing.