Orbis are acting as the investment manager here for a lot of funds and net across all the funds is a 25.2 million securities parcel sell from 16 Oct to 17 May 10.
If you read annexure 2 and 3 of the announcement you will see that Orbis investment funds (various ones) were net minus 11.6 million securities. At average transaction price per unit of $0.275, so that indicates on that parcel they are in the red.
Not all funds that Orbis act on behalf of sold out, with one in fact increasing their interest. Qantas Super Plan for 5.4 million securities. Could say they helped Orbis get out :)
I think what is of main note is that over that period of selling the price has increased from $0.21 to $0.24, from the chart looks like most of the sell off occured near late October 10. A chartist may be able to provide more insight here
Yes I know it does not mean that it has ended but does show that some else out there wants the volume they are shifting and then some. Not to mention during a negative sentiment market.
CER Price at posting:
24.5¢ Sentiment: LT Buy Disclosure: Held
