vanguard stake

It's important to realise that whilst Vanguard submitted a sub holder notice last night, the notice shows that they have only increased their stake by 8m shares (< 1% of CNP) in the last 4 months. See Appendix 5 of the ann.

This means that 4 months ago, they already had around 34.3 million shares, which is not surprising since they are heavily into LPTs.

Now, we have no idea what has happened in the last couple of days and they may well have increased further. We may also see another sub holder appear given the volume.

I can see from the broker report that Citigroup have been very active but it looks like they were just trading CNP on Monday (around 6m buys and 6m sells).

I would urge some caution at this point before deciding what Vanguard are up to. Any further ann in the next few days should reveal all.