Was TSE' SP 24% up surprised?, page-6

I note the news coming out from brokers today about TSE.

Family exits – Transfield Pty Ltd said it has divested its entire holding in Transfield (together with the private holdings of other parties associated with Transfield Pty Ltd) via an underwritten block sale to institutional shareholders. Bloomberg information states that a block of 57.85 million Transfield shares, 11.3% of share outstanding, was sold at $1.60 a share, a 4.5% discount to Transfield’s closing price on 9 September of $1.675. Transfield Pty Ltd is a private company controlled by the Belgiorno-Nettis family who co-founded the predecessor businesses of Transfield.

Transfield Pty Ltd began selling down its interest in Transfield in May 2001 via an IPO, at which point the private company held 45% of the listed entity. Over time, however, through active sell-downs and not participating in Transfield’s raisings for acquisitions, Transfield Pty Ltd has reduced its ownership in Transfield. We note that Transfield Pty Ltd no longer has representation on Transfield’s Board, with non-executive director Roy McKelvie ceasing to be a nominee for the private company in November 2013 and Luca and Guido Belgiorno-Nettis retiring from Transfield’s board in August 2012. As such, we would not expect this divestment to have a material impact on the operations or governance of Transfield but it will likely help lift Transfield’s free float from an index inclusion perspective.

I'm glad the family is gone, this way it's freed up to progress.

Ord has a lighten on the stock claiming it should be priced around $1.40 mark or so.

Others have a target of $2 or more. I'm holding on.