sell down

sc100

I took a closer look at your comment about HGL selling down today. Certainly HGL have mentioned that they intend to sell their minority shareholdings in listed companies in order to concentrate on their majority holdings, so would expect them to be selling their 1.8m AMO shares (approx 6%). However, they had not sold any at the time of the annual report (early October), as it was the same as reported prior year.

They also have not filed a ceasing to be a substantial holder notice which they would be expected to do after selling down around 300,000 shares. (In fact the only SSH's this year have come from directors, David Swift and Peter Amos, purchasing additional shares on market.)

Looking at the volume traded at or above 50cps, if it is HGL doing the selling, they may be close to going below 5%. However, that could still see action stifled until we can work through the remaining 1.5m they seem likely to want to sell - could take 6 months at current rate!

Interesting though that the offer side drifted up to 55cps on Friday. See what happens in the next couple of sessions.