I think I have to agree with you on this line of thought. this has been my arguement for some time.
However, since the second largest holder of ords sold out to Catelan last month I have become very nervous around the ords.
Why you ask, well Catelan, the other directors and his daughters own 56% of the ords. Once the A Class is resolved he can then proceed to buy up the ords at a depressed prise and then offer say $1.20 to $1.50 for a full buyout. He can then on sell TJM and the electrical businss for a huge profit that would have otherwise gone to the ords.
The reason for this view is; 1. The number of smaller holders of ordinaries that would jump at getting out at $1.20 because the price has been so low for so long 2. No major blocking stake in the ords is present any longer 3. Ray Catelan has done this before with RP Data so why wouldn't he do it with CMI
CMI Price at posting:
82.0¢ Sentiment: ST Buy Disclosure: Held
