Ok sent email to Ted at 13:25 EST.Got reply at 14:15 EST.How is...

Ok sent email to Ted at 13:25 EST.

Got reply at 14:15 EST.

How is that for service to shareholders!!!

Anyway to the details,

in my email I asked two questions. This is abbreviated summary version as I went into greater detail, but you get the thrust of questions.....

1: JP Morgan Asset Management (UK), since the ceasing to substantial holder notice on 22 july, seem to be selling at any price to exit thier position. And with 30 odd million shares CVN's SP was taking a beating with the relentless and targeted selling. Why are they divesting thier holding, and are they privy to information to precipitate thier action. As the market has dropped 30% CVN has dropped 45%.

2: Are thier known blocks of shares being loaned out to Insto's for covered short selling, that they know of.


Ted was very helpful and explanatory in his reply, I have cut and pasted sections of his reply below.

1:"I understand JP Morgan dumped a large amount of stock across all their holdings irrespective of the merits of each company. It wasnt just Carnarvon that was targetted, it was all their holdings. JPM have been in Carnarvon for quite a while. They bought a substantial amount of stock in our 7.7 cent placement almost 2 years ago. They recently upped their shareholding to over 5% after a roadshow we did to the northern hemisphere. They have been good backers of the company. Its unfortunate they sold down in Carnarvon but I understand it had nothing to do with the merits or otherwise of Carnarvon.

As for the relentless selling down. It would appear that this is mainly small shareholders who are struggling with their portfolios in this market turndown. We are not the only "good" company that has been hit.
I do find it frustrating that we have good news to report and although thre have been a few months delay in getting our development of NSE going forward, we are still on target to be producing a gross 15,000 bopd by the end of this calendar year."

2: "As far as I am aware we are not the target of institutional loans or associated short selling. "



So there you have it. I have sent a reply back to him thanking him for the information, and giving more details of short holdings as per asx shortsell page. So we will see if there is any reply on that.

Definitely gives me more confidence that we have been hugely oversold, with JPMAM(UK) out of the picture now we might just get to some action in the right direction and get some value back.

cheers

Steve