They are cashed up and are probably analysing numerous deals and watching a lot of others.
If an insto wants to reduce its overall stock exposure and maintain cash levels below a set limit as per mandates then CPH is ideal. So it is for the big boys to trade at the moment and when a deal presents itself (50c for $1) then there are only so many investors with both the fire power and scope to take on the percieved risk and not breach manadates or risk managers. And guess what CPH is one of them. Perpetual have added in the last couple of months. My guess is some of the deals will be the unexpected.
