Selling drying up?, page-6

Hi Alpha and stock Doctor,

F.Y.I., regarding the trading attitude and behaviour of PPT towards TMS over the years:

TOP TWENTY SHAREHOLDERS AS AT 20/08/1997
Perpetual Trustees Nominees Limited 5,922,946 5.66

TOP TWENTY SHAREHOLDERS AS AT 12/08/1998
Perpetual Trustees Nominees Ltd 6,304,403 5.91

DISTRIBUTION OF SHAREHOLDERS AS AT 18/08/1999
Perpetual Trustees Nominees Limited 6,992,527 5.86

TOP TWENTY SHAREHOLDERS AS AT 04/09/2000
Perpetual Trustees Nominees Ltd 7,441,383 5.16
Perpetual Trustees Victoria Ltd 1,583,743 1.10

DISTRIBUTION OF EQUITY SECURITIES AS AT 20/09/2001
Perpetual Trustees Nominees Ltd 7,523,082 4.28
Perpetual Trustee Company Ltd (44491 AG 01) 4,250,000 2.42
Perpetual Nominees Ltd (JBEMEP A/C) 1,616,470 0.92

DISTRIBUTION OF EQUITY SECURITIES SINCE 20/09/2001
Perpetual Trustees Nominees Ltd
12.1m 6.96
(on 20th September 2001)
Perpetual Trustees Nominees Ltd
10.2m 5.82
(on 18th December 2001)
Perpetual Trustees Nominees Ltd
???m <5.00???
(on 15th January 2002)
Perpetual Trustees Nominees Ltd
11.0m 6.04
(on 12th March 2002)
Perpetual Trustees Nominees Ltd
19.1m 10.50
(on 19th March 2002)
Perpetual Trustees Nominees Ltd
22.4m 12.33
(on 19th March 2002)
Perpetual Trustees Nominees Ltd
18.8m 12.33
(on 17th September 2002)
Perpetual Trustees Nominees Ltd
13.3m 7.31
(on 19th September 2002)

Of last week’s action, PPT sold:
1)
4.09m shares on 19th September;
2)
1.45m on 18th September;
3)
1.92m on 17th September; and
4)
1.05m on 16th September.

That still leaves 500,000 shares unaccounted for as part of the current selling process (ie: in ASX disclosure statements).

Today’s AFR story on TMS also suggests that PPT’s incoming head of Australian equities (John Sevior) may be less interested in the media sector than his predecessor (Peter Morgan), who Sevior is due to replace at the end of October. Last week, for instance, PPT sold down 2.13% of Prime, 1.14% of Seven, and 5.01% of TMS. So, Alpha’s observations of this afternoon may well be right.

That said, PPT has shown a clear propensity to falling in and out of favour with TMS (ie: whether as a trading, sectoral change, or risk averse, opportunity) and trading it on the ebb and flow.

Time will tell, however, whether this time will be any different. Take, for example, the following:
1)
On 20th September 2001, PPT held 7.6% of TMS (Top 20 disclosure).
2)
Same day, however, they were credited with selling down to 6.96, before ending up below 5.0% in early 2002 (about the same time as the first industry downgrades in general media sentiment).
3)
Following release of the ½ year report in March (and the profit downgrade, outlook guidance offered), PPT re-emerged as a substantial shareholder in TMS with 6.04% which they then quickly built back up to 12.33%.
4)
Following the full year result on 13th September 2002, PPT have again sold down their holdings in TMS to last Thursday’s current holding (reported after close on Friday) of 7.31%.