lack of volume and tightly held, page-25

Still cheering Wally to a new high today, albeit on quiet volume.

CLR placement well oversubscribed despite price (for placement) up over four times since ipo late last year. Recent broker report assumed CLR would sell 20% of Grosvenor West which may provide them with the bulk of funding for the capex, also assuming 50/50 debt equity ratio. Lot of work to do however access to CLR stock in volume off market maybe limited under this scenario.