Seals, Andrewe et alOk ….. now apart from the usual update I...

Seals, Andrewe et al

Ok ….. now apart from the usual update I have another point to ponder …….


Firstly (these are movements between 19/2 and 12/3):
• Top 20 took in 2M shares
• Bit more shuffling between HSBC and ANZ Noms at the top but they net sold 500K
• WBC Custodians picked up 150K.
• National Noms and Merrill Lynch dropped about 900K.
• Capita IRG seems to have split its holding or off marketed a parcel? Total sale of 9.65M shares. Hence the new entrant of Austock Nominees with 10.06M – must have bought around 1M on market?
• Minsk picked up another 2M on market. Trader/long term holder? Who knows. But I reckon with a holding that size it’d have to be a medium term play as a minimum imo.


I noticed something interesting looking at the latest holder list. Wonder why I haven’t picked this up before. Maybe I am just jumping at shadows here but here are some interesting points to note …….

• Back on the 18/9/06 the top 20 had 2 major holders, WBC Noms and ANZ Noms. These guys accounted for some 405M shares (52.06%).
• Between 18/9 and 25/9/06, the WBC noms holding was split into two – WBC and HSBC. A parcel of approx 152M shares was transferred …… or, around 19.5% of the issued capital.
• Lundin’s shareholding was held in WBC – connection? Maybe. Lundin only had around 76M shares initially, so unless they have been buying up, someone else has a sizeable stake in this holding. You would also notice that HSBC was buying up aggressively prior to this split …. went from 14M odd shares to over 30M in early 06.
• Outside the director holdings, the holdings of HSBC, ANZ Nom’s and WBC are of most interest. Since the split in Sept 06, these three have gone from a combined holding of 55.7% (433M shares) to 56.7% (440M shares). Stealth?
• Between 25/9/06 and now, ANZ and HSBC seem to be playing games between themselves. Despite the swings in holdings from week to week, month to month, alas!, they have (combined), managed to increase their holdings from approx 314M (40%) shares to 334M (43%). If you looked at movements simply as a week to week proposition, you’d swear they were selling! Stealth?
• Bear in mind that I have not commented on Rob’s holding, or Soc Gen’s for that matter – they have both stayed static. Bow Lane is interesting because although the hyphen holds his own shares under that account too, he also holds for others.

This may sound gibberish to most, but those following the company closely will get what I mean. My summary of it is, that although the top 20 as a whole seem to have let a few go, those on the real inner are picking em up by stealth and further tightening their grip on the company. Takeover play? Positioning for the next stage? I am not sure although I can say that you don’t get these movements/games on a two cent stock that has nothing going for it ….. or supposedly. :)

Sheesh, that took it out of me. Need a drink now.