I might need some clarification concerning your statement that only 10million shares are 'open on the market'.
As per the 2014 EWC Annual Report, the top 4 shareholders own 78% of the company. This would leave about 381million shares 'open on the market', unless there has been some immense consolidation of shares by one or more of these top 4 shareholders, which, in the absence of any ASX announcement re: change in substantial holding (other than for the 18 million shares the Capital Group accumulated) I would find difficult to believe.
Even if you assume that all shareholdings by the top 20 holders are "off the market" ie. 91% of all EWC shares ( a very unlikely scenario), there are still some 15.5 million shares 'open on the marekt'.
In any event, I concur with your sentiment that the next few weeks and months could be very rewarding indeed for long term holders.
EWC Price at posting:
38.5¢ Sentiment: Buy Disclosure: Held
