CSE's been a relatively quiet backwater for quite some time...

CSE's been a relatively quiet backwater for quite some time apart from:

- periodic on market purchases of relatively small parcels of shares by Director, Harry Hatch; and,
- the mildly surprising decision of the CSE Board to borrow funds in order to subscribe for the company's entitlement in the most recent SYR capital raising.

These two activities might suggest an ongoing bullish outlook by the CSE Board for CSE's investment in SYR (which is the sole commercial undertaking of the company). However, potentially counterbalancing such a conclusion it seems reasonable to note that another CSE Director, Mark Hanlon has apparently been lightening his holding in SYR quite significantly (although his holding in CSE remains unchanged).

As at March 2017, Mr Hanlon's family superannuation fund (Buprestid Pty Ltd) was a top 20 holder in SYR, with a total holding of 1,805,000 shares. However, as at March 2018, Buprestid is no longer shown as a top 20 holder in SYR.

Given that the 20th largest holder in SYR (Hawthorn Grove Investments) is now shown as holding 1,000,000 shares, it would seem that Mr Hanlon's direct investment vehicle in SYR (Buprestid Pty Ltd) now holds in excess of 805,000 fewer SYR shares than this time one year ago.

Just another factor to add to the mix when considering where things might currently stand with an investment in CSE.

zeno9