ITC are yet to update the last few days trade but after today we should see some big movements. If the buying is in the same pattern as last week then the predominance of the shares taken today were by ZERO.I think ANZ are now out totally and we will see someone new move into the top 20.
If that is so then they would have to be with Fridays buying well into the high 4% for their holding. This would mean they are lees than 3-4 mill shares away from going substantial which may then give us a clue.
I suspect when they know they are over 5% if they go that far then it is game on for mind especially if they disclose who the primary holder is which if it is a company they have to.
I also think that the 3 days prior to them announcing their substantial notice we may see a flurry of buying up to the potential takeover price if indeed it is a takeover to grab as much as they can before the sp takes off. To be fair they have picked up nearly 5% of the company for only about 2.5 mill which is pretty good really.
Interest will surround whether the buying stops though before they hit the 5%. I don't think it will.
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