Ann: Change in substantial holding- J.P. Morgan , page-2

re: Ann: Change in substantial holding- J.P. ... So JP Morgan have now confirmed that they are the major sellers of recent days, reducing their holding by 1% or 3.5m over the last 3 months.

It is a pity that they see fit to sell them below the cash backing of the shares.

Analysis of the sale data that they have provided would seem to indicate that they sell on a 2 month cycle - now that they have reported, hopefully that means they have ceased selling for another 2 months

But as we have said previously the franking credits are of no value to them.

What is also worth noting is that if a company thought that IVA might still be interested in lobbing a bid for EXS, that there seems to be 2 parcels of shares totalling about 9.5% that are available for sale (not far off a 10% blocking stake).