share price, page-12

I have just spent a bit of time looking into past announcements and the annual financial report and have found a few interesting things.

As at 27th September 2013, the top shareholder was Jiangxi, with 20,051,428 shares (8.46%). Glen Darby was third with 2.5% of the company and so on. Somebody with only 1,750,000 made the top 20 list. So there were lots of shareholders with small holdings. This means that CDB is not very closely held and IMO this is often not great for a spec company. Any re-rating of the SP will occur gradually as even on the back of bonanza style news it will get sold down on profit taking.

Most interestingly, was the number of shares held by Jiangxi though. On June 18th they were issued with 22,628,571, and on July 18th they were issued with 22,422,857. That is a total of 45million shares they could have been holding, but they only had 20million left at 27th Sept.

If the information I have provided here is accurate, in the course of 3 months, Jiangxi sold well over half of the stock they acquired.

Its hard speculate on their reasons, but maybe they are happy with the offtake aggreement and see no reason to hold. Maybe they had another motive to acquire these recent shares at a lower price.

But, the selling still continues, whenever the 0.11 line is cleared new sale orders pop-up within minutes. I am pointing my finger at Jiangxi.

Just my opinion based on what I found, but I'd be happy if someone could check my information to be sure.