Just posted this on the CIF thread and am now after the email addresses to send on to both ASIC and the ASX
Would appreciate many different email addresses for these two as possible, as I intend to make sure that somebody actually does their job and gets involved in some checking before the fact here, thanks
ASIC & all sellers look at this
Prolific BOT driven trades, check course of trades today which are so reminiscent of what happened with PIH around two to three months before any announcement was made that BAM/BIP would be making an offer for PIH
So to all holders be aware of possible sale of CIF
The drop over the past year from $2.00 to around $1.00 must be getting pretty painful, to say the least, for those who have held onto this stock over the long term for the twice per annum yield
Note what has just recently happened with another company in the Challenger Group, namely Challenger Wine Trust, CWT
CWT is being sold out for just 0.24 per share
They were trading back in 2007 for 0.90 and have been on a slippery slope since with a reversal in October, 2009 with a high of 0.36, and since then had been sold down to a low of 0.135 in Oct 2010
On 30th Aug, 2010 it took ony 281,000 shares traded that day to drop the days SP by 13%, with price from the open of 0.195 to 0.170 at the close with total traded value of just $50,000. This would have meant a loss of only $7,025 if one entity sold all that trading days stock to another entity to kick start a slide in the SP which then continued on for another 42 days
Then on 22nd Oct it took only one sale into 0.135 for a trade value of (a whopping) $788.81 to get CWT this low, and pushing the SP down certainly does achieve the aim of any acquirer picking it up at the lowest price they possibly can
The offer price of 0.24 represented a premium of 26.3% over CWT's close price of 0.19 on 1st Nov, 2010 which was the last trading day prior to the announcement of offer, and it is a premium of 53.9% based on the one month VWAP to 1st Nov 2010
So the fairly small volumes being sold into did achieve a total of 42 days with the close price remaining lower than 0.175, and therefore impacted on the one month VWAP before any notification of the buy-out
But the acquirers plans were somewhat thwarted as it seems insiders found out what was going to occur before any news release and on the 29th Oct they started to buy resulting in over a 30% SP increase in just two days prior to going into a stop trade announcement
So back to CIF, who is it that would gain here by their bot manipulation pushing down the SP with the aim of a takeover at the lowest possible price, if in fact this is being planned with this stock
Time as always will reveal all, so ASIC this is on record to you in advance
CIF Price at posting:
$1.07 Sentiment: LT Buy Disclosure: Held
