abn morgns start coverage buy t/p 71c, page-12

8 million shares were crossed last Friday. Was looking for 10+ million. Won't know exactly who has been selling, but I hope it has been Kinetic. Maybe able to gauge tomorrow by seeing which broker has been the seller. The problem with substantial holdings is once you go under the 5% threshold, you don't have to disclose your trades anymore.

Footsie, can you please clarify your view of no dividends being paid? What tax reasons are you talking about? Is it the lack of franking? If so, they can always pay an unfranked dividend. I do agree there are many options in capital management open to them, including capital buy-backs (both on and off-market), MBOs, dividend payments etc.

As always, patience is required in a stock like ETC. It's bounced quite hard in the short term. We need to see some consolidation followed by news on Malaysian cashflows. Any further contract wins are just a bonus and I'm not counting on that right now.

There may be a lack of news in the short term, but for investors with a timeframe of more than 6 months, patience will pay.